Eni Sells 49.99% Stake in CCUS Unit to BlackRock’s GIP

Italian energy group Eni has signed an agreement to sell a 49.99% stake in its carbon capture, utilization and storage (CCUS) business to Global Infrastructure Partners (GIP), part of BlackRock, marking a major step in its energy transition strategy. The deal value was not disclosed.

The partnership consolidates Eni’s CCUS portfolio into a single entity, Eni CCUS Holding, which will be jointly controlled by Eni and GIP. The company manages some of Europe’s most advanced projects, including Liverpool Bay and Bacton in the UK, the L10 project in the Netherlands, and future rights to Eni’s Ravenna CCS project in Italy developed with gas grid operator Snam. The Liverpool Bay hub is already under construction as the backbone of the HyNet industrial cluster, supported by a defined regulatory and commercial framework and an existing financing plan.

Eni said the move reflects its broader “satellite model” strategy of selling minority stakes in energy transition businesses to fund growth, attract capital, and accelerate decarbonization. CEO Claudio Descalzi noted that the deal will “enhance our ability to deliver large-scale, technically advanced decarbonization solutions,” underscoring the attractiveness of CCUS in driving value creation while reducing emissions.

For GIP, the investment marks a significant expansion into carbon capture. “We are excited to partner with Eni, a global leader in CCUS,” said GIP Chairman and CEO Bayo Ogunlesi. “Our experience in midstream infrastructure, combined with Eni’s technical expertise, will help accelerate deployment of CCUS at scale, serving growing market needs for affordable, decarbonized energy and products.”

The transaction, first flagged in exclusive talks announced in May, remains subject to regulatory approvals. Once closed, it will reinforce the business case for CCUS, a technology viewed as one of the most effective tools to cut emissions from hard-to-abate industries such as steel, cement, and refining.

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