Gazprom has sold 420 million cubic metres (mcm) of natural gas at an auction.

The Russian energy giant hosted its second auction, this time for the Baltic States, in which more than 560mcm of gas was offered.

Alexander Medvedev, Deputy Chairman of Gazprom’s Management Committee said the firm sold “more than three quarters of the whole volume on offer, earned additional revenues and acquired valuable experience”.

The amount has been sold to six clients, the company stated.

Elena Burmistrova, Director General of Gazprom Export added: “The results of the auction demonstrate that there is a niche for gas trade via auctions and this trading mechanism can successfully work on the Baltic market as well. We are satisfied with these results and will apply this model on other European gas markets.”

Last December the energy firm signed a gas pipeline agreement with Chinese state-owned company CNPC.