Italian energy giant Eni has entered exclusive negotiations to sell a 49.99% stake in its carbon capture, utilisation and storage (CCUS) business to BlackRock’s infrastructure arm, Global Infrastructure Partners (GIP), the company announced on Tuesday.
The move is part of Eni’s strategy to spin off its low-carbon units into separate entities—referred to as “satellites”—and sell minority stakes to raise capital for their expansion. This model allows Eni to scale up its clean energy initiatives while continuing to invest in its core oil and gas operations, according to Chief Transition and Financial Officer Francesco Gattei.
Eni CCUS Holding includes key projects such as Hynet and Bacton in the United Kingdom, and the L10 project in the Netherlands. It also holds future rights to acquire the Ravenna carbon capture site in Italy. Under the proposed agreement, GIP would not only acquire a stake but also provide funding to support the development of these projects.
The exclusive talks follow a competitive bidding process involving several contenders. According to sources cited by Reuters in March, GIP, HitecVision, Macquarie, Italy’s Snam, and Thailand’s PTT Exploration and Production were among those who submitted non-binding offers.
CCUS technology, which captures carbon dioxide from industrial sources and stores it underground, is seen by the International Energy Agency as a key component in achieving global climate targets. However, it has faced criticism from some environmental groups, who argue that it may delay the transition away from fossil fuels and question its long-term commercial viability.
