Gazprom Export Introduces its own ESPGazEX index
As a part of the ongoing development of its Electronic Sales Platform (ESP), Gazprom Export presents its own ESP Gaz European Index (the ESPGazEX).
The ESPGazEX for a certain month is calculated as a weighted average price of all deals concluded on ESP up to the index release date, with delivery in the particular month.
Starting from April 1st, 2019, the ESPGazEX index will be published on the ESP website and updated weekly. This index will be nominated in euros and rubles.
“We are happy that our Electronic Sales Platform is not only performing well but expands steadily and introduces new gas trading tools. An introduction of its own index is an important step in the ESP development”, Elena Burmistrova, Gazprom Export Director General said.
The Electronic Sales Platform is designed to physically sell natural gas to the European consumers, in addition to supplies under existing contracts. Gas sales through the ESP started at the end of September, 2018. Since the start of operations on the ESP the company has sold about 3,5 bcm of gas having signed contracts with more than 20 clients.