Axpo to trade Azerbaijani gas on Swiss market

The Swiss company Axpo, which sold a 5% stake in the Trans-Adriatic Pipeline (TAP), will continue to trade gas from the Shah Deniz field, which is supplied to European markets through this pipeline, Report informs referring to the information provided by Axpo.

In the current international context and considering the historically tight market conditions, supply security and diversification across gas supply chains remain key priorities for Switzerland and Europe as a whole.

Axpo continues to pursue its three-pillar business strategy, focusing on Swiss business, renewable energies and trading & origination. While the company has decided to transfer its stake in the project, TAP will remain a strategic partner for the company, as Axpo Solutions AG will continue to market for the long-term gas volumes secured from the Shah Deniz consortium.

Gas transported via TAP provides a much-needed new energy source for households and businesses alike, also boosting security of supply for Swiss consumers.

Gas trading remains a central international business for Axpo, an area in which hydrogen and other low carbon gases are becoming increasingly important, especially when it comes to making a relevant contribution to achieving a carbon neutral future.

The sale of a stake in Switzerland’s Axpo, which was announced a few days ago, introduces significant changes in the distribution of shareholder shares.

Axpo’s 5% stake was taken over by Spain’s Enagas and Belgium’s Fluxys, which thus increased their stake in the company’s equity to 20%.

The deal was valued at 210 million euros, with Enagas acquiring an additional 4% stake for 168 million euros and Fluxys a further 1% for 42 million euros.