Italian Energy Giant Eni To Create Dedicated Carbon Capture Business

Italian Energy Giant Eni To Create Dedicated Carbon Capture Business - Carbon Herald

Italy’s energy giant Eni said on Thursday that the company will be establishing two new business units – one focused on bio chemicals and another on carbon capture and storage (CCS).

The two units join a previously established pair that works on renewables and biofuels and form a broader initiative in the company to grow its decarbonization portfolio and revenue.

“This is our strategy to energy transition, creating units that can generate value and attract investors… instead of relying on subsidies,” said Eni CEO Claudio Descalzi.

According to Eni, each of the four units is set up to attract its own sets of investors and could be listed as separate entities on the stock exchange.

Two projects form the bedrock of Eni’s carbon capture business – a join effort with local natural gas operator Snam and the $5 billion acquisition of Neptune Energy, one of the most active companies in the North Sea when it comes to CCS.

Combined the two provide a portfolio covering both markets for CO2 storage across the European Economic Area.

Relevant: Horisont Energi, Neptune Energy, and E.ON To Work On EU-focused Carbon Capture Project

Neptune has formed a significant number of partnerships with companies in Northern Europe, including the UK, looking to become a go-to provider of CO2 storage for heavy emitters throughout the region.

The CCS partnership between Eni and Snam dates back to 2022 when the started working on delivering Italy’s first carbon capture and storage hub known as the Ravenna CCS Project. The pilot project for it is in the works and if successful it could position Italy as a pivotal country for carbon storage in southern Europe not only for emissions originating from its own shores but also from France and Spain.

Relevant: Eni And Snam Call Carbon Capture A Key To Survival Of Hard To Abate Industries In Italy

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