U.S. asset manager BlackRock’s infrastructure arm, Global Infrastructure Partners (GIP), has agreed to acquire a 49.99% stake in Eni’s carbon capture and storage (CCUS) business, the Italian energy company announced on Monday. The financial terms were not disclosed.
The deal forms part of Eni’s strategy to sell minority interests in its satellite operations to support their growth. Eni CCUS Holding includes the HyNet and Bacton projects in the United Kingdom and the L10 project in the Netherlands, and holds future rights to acquire the Ravenna carbon capture initiative in Italy, a joint venture with gas grid operator Snam.
Eni Chief Executive Claudio Descalzi said: “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 decarbonisation solutions.”
Under the partnership, Eni and GIP will share the investment costs of developing the business. GIP Chairman and CEO Bayo Ogunlesi commented: “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.”
Carbon capture and storage technology removes carbon dioxide from industrial processes or captures it at source for underground storage. The International Energy Agency views CCUS as vital to achieving global climate targets, though critics argue it remains commercially uncertain and could extend reliance on fossil fuels.
