EconGas
| EconGas GmbH
|
|
|---|---|
 |
|
| legal form | GmbH |
| founding | 2002 |
| Seat | Vienna , Austria |
| Branch | Energy industry |
| Website | www.econgas.com |
The EconGas was the joint gas trading subsidiary of OMV , EVN , Wien Energie and energy Burgenland and operates today under the name "OMV Gas Marketing & Trading GmbH". EconGas specialized in the direct sale of natural gas to European business customers, to European wholesalers and in the trading of natural gas at international trading venues. After the complete takeover of EconGas by OMV in May 2016, the EconGas business was fully integrated into the OMV Group. OMV Gas Marketing & Trading GmbH operates under the newly created “OMV GAS” brand, which is intended to combine the flexibility and service level of EconGas with the international know-how and financial strength of OMV.
history
On October 1, 2002, the Austrian natural gas market was completely liberalized . EconGas was founded on December 18, 2002 by six large Austrian natural gas companies. In January 2003, operations began from the company's headquarters in the Vienna ARES Tower and from the Linz location . A first European gas release program (GRP) was launched on July 17, 2003 and a second gas release program in July 2004. In 2004 the long-term strategy was defined as well as the implementation of the BSC and diversification of the procurement portfolio. In 2005, the implementation of internationalization began, and the establishment of subsidiaries in Italy (June) and Germany (November). A third gas release program was launched in July 2005 and a fourth gas release program in July 2006. In 2007 the subsidiary was founded in Hungary (January), followed by a fifth gas release program, an expansion of trading through registration at the Zeebrugge Hub , the Title Transfer Facility (TTF) and registration at the virtual trading point of E.ON Gastransport (EGT). In December 2007 a contract was signed with the gate terminal in Rotterdam . A sixth gas release program was launched in 2008, followed by registration on the European Energy Exchange (EEX) and the European Energy Derivatives Exchange (ENDEX). A seventh gas release program followed in June 2009. In January 2009 the 13-day total failure of Russian natural gas supplies was successfully managed. In addition, the first LNG delivery was received by EconGas Italia Srl in the port of La Spezia. In October 2009, trading activities began at the British National Balancing Point (NBP) and the French Point d'Echange de Gaz, as well as registration on German Gaspool and APC Gas UK 2009 was the largest natural gas sales in the company's history. In 2010, the foreign share rose from 36 to 50 percent. In 2010 it was registered on the British Intercontinental Exchange (ICE) and at the newly opened Hungarian Gas Balancing Point. In 2011 there was an engagement in the newly opened futures trading of the CEGH Gas Exchange of the Vienna Stock Exchange. On October 23, 2015, OMV announced that it would buy the shares of the other shareholders and thus become the sole owner of EconGas. Since the closing in May 2016, OMV has been the sole owner of EconGas GmbH.
Business areas
The core business of EconGas is divided into two business areas, natural gas sales to major customers and distributors with an annual consumption of 500,000 cubic meters and more, and trading.
Trading
In addition to direct sales, EconGas was also active in trading natural gas with other energy companies. The company bought and sold gas quotas from and to trading partners from different countries. Trading at various European trading points fulfilled both a procurement and a sales function. In addition, between 2003 and 2009, EconGas also handled what are known as seven gas release programs (GRP). This involves the internet auction of natural gas quantities (at least 250 million cubic meters) that were delivered via the OMV natural gas hub Baumgarten, Lower Austria. The seventh GRP was carried out in 2009. In addition to registrations at the Central European Gas Hub (CEGH), Hub Zebrugge, Title Transfer Facility Point (TTF) and NetConnect Germany (NCG) - formerly the virtual trading point of E.ON Gastransport (EGT) - EconGas GmbH became a member of the European Energy Exchange in 2008 (EEX) and the European Energy Derivatives Exchange (ENDEX). In October 2009 EconGas GmbH started trading activities at the British National Balancing Point (NBP), the French Point d'Echange de Gaz, the German Gaspool and the APX Gas UK. In 2010 it was registered on the British IntercontinentalExchange (ICE).
See also
Individual evidence
- ↑ OMV Press Release, December 21, 2015 . Accessed November 2016.
- ↑ OMV Press Release, October 28, 2015 . Accessed November 2016.