BlackRock’s GIP to Buy Stake in Eni CCUS Business

BlackRock-owned Global Infrastructure Partners (GIP) on Aug. 18 said it has entered into an agreement to acquire a 49.99% interest in Eni CCUS Holding.

Financial details of the proposed deal were not disclosed.

The Eni subsidiary is currently developing the Liverpool Bay and Bacton projects in the U.K. along with the L10 project in the Netherlands, with an option to join the Ravenna CCS project in Italy and other potential project opportunities, according to a news release.

“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,” said Eni CEO Claudio Descalzi. “The development of our satellite model applied to our businesses related to the energy transition is therefore successfully continuing, confirming their significant attractiveness in terms of growth potential and value creation by attracting aligned capital, as well as their effectiveness in reducing emissions.”

The partnership is expected to help accelerate development of the projects. As part of the agreement, Eni and GIP will share control of the company. Closure of the deal is subject to legal approvals.

“GIP’s experience in midstream infrastructure, combined with Eni’s technical, operational and industrial capabilities, will help accelerate the deployment of CCUS solutions at meaningful scale, furthering our commitment to serve growing market needs for affordable, decarbonized energy and products,” GIP Chairman and CEO Bayo Ogunlesi said.

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