Italian energy giant Eni has initiated exclusive discussions with Global Infrastructure Partners (GIP), an investment fund under BlackRock, to sell a 49.99% stake in its carbon capture, utilization, and storage (CCUS) division.
This potential deal reflects Eni’s strategic approach of spinning off specific business segments — referred to as “satellites” — and offering minority stakes in them to raise capital for further development.
The model enables the company to scale its low-emissions operations while continuing to fund its core oil and gas ventures, according to Francesco Gattei, Eni’s Chief Transition and Financial Officer.
The CCUS business under consideration includes major projects such as Hynet and Bacton in the UK and the L10 initiative in the Netherlands. It also holds future rights to take over Italy’s flagship carbon capture development in Ravenna.
As part of the proposed transaction, GIP would not only acquire a near-50% ownership share but also commit to financing the growth of these carbon management projects, Eni said in a statement.
The agreement follows a competitive bidding process involving several interested parties. Reuters previously reported that GIP, along with HitecVision, Macquarie, Italy’s gas infrastructure firm Snam, and Thailand’s PTT Exploration and Production, had all submitted non-binding proposals earlier this year.
Relevant: Eni Awards Saipem $590M Contract For Liverpool Bay CCS Development
Carbon capture and storage (CCS) technology works by either extracting carbon dioxide directly from industrial emissions or removing it from the air, then storing it deep underground.
While the International Energy Agency views CCS as critical to hitting global climate targets, some critics argue the technology could be used to justify continued fossil fuel use and question whether it’s economically feasible at scale.
If finalized, the deal would mark a significant step in Eni’s broader transition plan and solidify GIP’s growing role in clean energy infrastructure investments.
Read more: UK Greenlights Eni Carbon Capture Pipeline For 2028 Launch
