London — Russia's Gazprom Export said Tuesday it would start offering gas for within-day delivery on its Electronic Sales Platform (ESP) as it continues to evolve the offering of the platform.
The ESP -- where Russian gas is sold in daily auctions on top of its deliveries via long-term contracts -- began sales in September last year and has seen almost 16 Bcm of gas sold to date.
Up to now, Gazprom Export has offered gas for delivery on a day-ahead, balance-of-month, months-ahead and quarters-ahead basis.
"The platform now offers a new standardized commercial product," Gazprom Export said.
"The framework agreement now includes a description of deal procedures as well as nomination procedures for products with delivery period 'within day,'" it said.
The company said it was expanding operation opportunities and simplifying trading on the platform.
LONGER CONTRACT PERIODS
The ESP is also now providing an opportunity to sign framework agreements with a contract period lasting up to January 2022.
Contracts were previously limited to one calendar year.
This, Gazprom Export said, opens up the possibility to offer longer delivery periods including season-ahead andyear-ahead.
"In addition, the company has lifted the 1 Bcm of gas restriction for contract obligations within one commercial framework agreement," it said.
The transaction confirmation process on the ESP has also been simplified so that dealings between Gazprom Export and its counterparties have become less formalized, consequently reducing the amount of paperwork.
"We believe that market interest in our platform will increase as a result of our latest innovations," CEO Elena Burmistrova said.
-- Stuart Elliott, Stuart.Elliott@spglobal.com
-- Edited by James Burgess, firstname.lastname@example.org