Eni Nears Sale of 49.99% CCUS Stake to GIP

Eni, the Italian energy giant, has entered exclusive negotiations with Global Infrastructure Partners (GIP), an infrastructure investment group affiliated with BlackRock, for the potential sale of a 49.99% co-controlling stake in its carbon capture, utilization, and storage (CCUS) subsidiary, Eni CCUS Holding. This agreement follows a competitive selection process and aims to advance due diligence and finalize transaction documentation, with GIP also expected to co-invest in expanding the CCUS platform. Eni CCUS Holding operates key projects including HyNet and Bacton in the UK, L10 in the Netherlands, and holds future acquisition rights to the Ravenna CCS project in Italy, providing GIP access to critical European carbon management infrastructure. The deal aligns with Eni's strategy to accelerate investments in energy transition and decarbonization technologies, leveraging CCUS as a mature and effective tool to reduce emissions, especially in hard-to-abate industries. Eni's recent progress includes securing financing for the Liverpool Bay CCS project, part of the HyNet cluster, with contracts awarded for CO2 compression and offshore storage facilities. This partnership underscores strong market interest in CCUS and supports Eni's broader goals in renewable energy, sustainable mobility, and low-carbon technologies.