Eni has announced a major partnership with Global Infrastructure Partners (GIP), BlackRock’s infrastructure investment platform, which will acquire a 49.99% stake in the Italian energy company’s carbon capture, utilization, and storage (CCUS) business.
The transaction is part of Eni’s broader strategy to sell minority stakes in satellite operations to fund growth. The deal includes assets such as the HyNet and Bacton projects in the UK, the L10 project in the Netherlands, and future rights to the Ravenna CCUS project in Italy, developed alongside Snam.
Eni has created a dedicated entity to consolidate its global CCUS portfolio, and the company says GIP’s partnership will help scale advanced decarbonization initiatives. Both firms will jointly share investment costs, with GIP’s infrastructure expertise combined with Eni’s operational capabilities expected to accelerate CCUS deployment.
While the International Energy Agency regards CCUS as a vital technology for meeting climate goals, the technology remains controversial due to concerns around commercial viability and the potential for extending the use of fossil fuels.