The Gazprom Management Committee tackled the issues related to exchange trade in gas and the Electronic Trading Platform (ETP) development at Gazprom mezhregiongaz.
It was noted during the meeting that Gazprom was active in streamlining the electronic gas trade and initiating the futures gas contract trade.
In particular, between 2009 and 2010 Gazprom, Gazprom mezhregiongaz and Gazprombank set up a trading system, compiled regulatory documents and created a clearing system for exchange trade.
In June 2010 Gazprom mezhregiongaz comprehensively simulated the exchange trade in futures contracts with gas supply periods ranging from 1 to 18 months. 32 organizations took part in the simulation process.
Together with Rossiya Bank, the Company has developed a new version of the ETP hardware and software system enabling automated business transactions, clearing payments and instructions for gas transmission on a month ahead, a week ahead or a day ahead basis. The system utilization will create essential preconditions for further cost saving in gas trade by suppliers and customers.
Gazprom cooperates with federal executive authorities so as to coordinate and approve in 2011 a draft resolution by the Russian Government on gas sales through exchange trade techniques. The Company’s Management Committee tasked specialized structural units to proceed with the work.
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Source: Gazprom, March 4, 2011;