GIP Acquires Stake in Eni’s Carbon Capture Business

Global Infrastructure Partners (GIP), part of BlackRock, has entered into an agreement to acquire a 49.99% interest in Eni CCUS Holding. This transaction establishes a partnership between the two companies to accelerate the development of carbon capture, utilization, and storage (CCUS) projects across different geographies.

Eni CCUS currently includes the Liverpool Bay and Bacton projects in the UK and the L10 project in the Netherlands. It also has the option to participate in the Ravenna CCS project in Italy. The partnership aims to provide critical infrastructure to capture and sequester CO2 emissions from hard-to-abate industries.

According to Bayo Ogunlesi, GIP's Chairman and CEO, the collaboration will combine GIP's experience in midstream infrastructure with Eni’s technical and operational capabilities to accelerate the deployment of CCUS solutions at a meaningful scale. 

Claudio Descalzi, CEO, Eni, stated that creating a dedicated entity for its CCUS portfolio and partnering with GIP will enhance Eni's ability to deliver large-scale, technically advanced decarbonization solutions.

The agreement also grants Eni CCUS the right to participate in potential future projects related to Eni’s depleted oil and gas fields. The Eni CCUS platform is expected to expand over time, unlocking new business opportunities and reinforcing its contribution to decarbonization efforts.

CCUS is described as a solution to decarbonize emissions-intensive industrial sectors such as steel, cement, and chemicals, and to contribute to emissions abatement in power generation. GIP views the energy transition as a major investment opportunity, estimated to require over US$100 trillion of investment to meet the world’s clean energy needs.