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Austrian EconGas to auction gas again on June 25

Energy Trade

Leading Austrian gas trader EconGas is to sell 250 million cubic meters (mcm) of gas for delivery from October onwards in its sixth annual internet auction, the company said on Monday.

The gas, which is equivalent to the annual requirement of 125,000 households, will be delivered at Baumgarten near the border with Slovakia, the Vienna-based company said in a statement. The hub serves as a transit point for some 50 billion cubic meters of Russian gas each year, or six times Austria’s demand, which is mostly shipped onwards to western Europe, or stored. The auctions are held under obligations tied to the establishment of EconGas as a joint wholesale venture between oil and gas group OMV and utility group Energie Allianz.

Managing director Jesco von Kistowski said the auctions are part of the company’s strategy to move more into gas trading across Europe. “European marketplaces are developing dynamically and traded volumes are rising,” he said. EconGas is registered to trade at virtual hubs, such as Zeebrugge in Belgium, the Dutch Title Transfer Facility and E.ON’s E.ON Gastransport (EGT). Enrollment is open at www.gashub.at up to May 20, and a bidders’ conference will be held on April 30 inVienna. Last year, five companies from Italy, Britian and Switzerland bought the 250 mcm on offer. (Reuters)

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