BlackRock's GIP to Take Stake in Eni's Carbon Capture Business

Eni has agreed to sell a 49.99% stake in its carbon capture subsidiary to Global Infrastructure Partners, expanding the company’s CCUS platform across the UK, Netherlands, and Italy. The deal strengthens Eni’s decarbonization strategy while bringing in a major infrastructure investor.

(P&GJ) — Eni has signed an agreement with Global Infrastructure Partners (GIP), part of BlackRock, to sell a 49.99% stake in Eni CCUS Holding, the company overseeing its global carbon capture, utilization and storage (CCUS) projects.

Eni CCUS Holding manages the Liverpool Bay and Bacton projects in the UK, including the Liverpool Bay development that will serve as the backbone of the HyNet industrial cluster. The company is also advancing the L10-CCS project in the Netherlands and holds rights to acquire Eni’s 50% share in the Ravenna CCS project in Italy. Eni said the platform could expand to include additional projects in the future.

“The decision to consolidate our CCUS global portfolio into a dedicated entity, and the entry of GIP as a strategic partner, will further enhance our ability to deliver large-scale, technically advanced decarbonization solutions,” said Claudio Descalzi, Eni’s CEO.

Bayo Ogunlesi, chairman and CEO of GIP, added: “GIP’s experience in midstream infrastructure, combined with Eni’s technical, operational and industrial capabilities, will help accelerate the deployment of CCUS solutions at meaningful scale.”

The companies said they will jointly control Eni CCUS Holding. The deal is subject to regulatory approvals.