BlackRock's GIP acquires 49.99% stake in Eni's carbon capture and storage business

[ENI fuel and gas station. Eni S.p.A. is an Italian multinational oil and gas company headquartered in Rome. MAN truck with the ENI logo.]
Aliaksandr Litviniuk/iStock Editorial via Getty Images

BlackRock's (NYSE:BLK [https://seekingalpha.com/symbol/BLK]) Global Infrastructure Partners said Monday it agreed to acquire [https://seekingalpha.com/pr/20203692-global-infrastructure-partners-enters-agreement-to-acquire-co-control-stake-of-49_99-percent] a 49.99% stake in Eni's (NYSE:E [https://seekingalpha.com/symbol/E]) carbon capture and storage business; financial terms were not disclosed.

Eni CCUS Holding, the satellite company created to consolidate Eni's (NYSE:E [https://seekingalpha.com/symbol/E]) global CCS portfolio, manages projects currently under development in the U.K., the Netherlands and Italy, with further potential developments under consideration.

The agreement also grants Eni CCUS the right to participate in potential future projects related to Eni's (NYSE:E [https://seekingalpha.com/symbol/E]) depleted oil and gas fields once the relevant regulatory and market conditions allow.

"The decision to consolidate our CCUS global portfolio into a dedicated entity, and the entry of GIP as a strategic partner, will further enhance our ability to deliver large-scale, technically advanced decarbonization solutions," Eni (E [https://seekingalpha.com/symbol/E]) CEO Claudio Descalzi said.

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