Equinor strikes five-year gas deal with Swiss Gaznat
Norway's Equinor has signed a deal to sell gas over five years to Switzerland-based Gaznat, the latter company announced on October 4.
Gaznat, which imports gas into Switzerland from France, Italy and Germany, said the deal with Equinor would enable it to diversify its portfolio and secure new gas volumes to get through the coming winter, when supply in Europe is expected to be unprecedentedly tight.
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The supplies from Equinor will be used to supply Gaznat's customers in west Switzerland, including to gas distribution companies. It did not disclose volumes, pricing details or what route the gas would be transported along to reach Switzerland.
Switzerland sourced almost half of its gas from Russia before the war, with gas making up roughly 15% of the country's final energy consumption. The Swiss government has been stepping up efforts to secure LNG imports to reduce this dependency. The country also relies significantly on power supply from French nuclear plants, which have suffered heavy outages this year.