Eni in talks to sell 49.99% stake in carbon capture business to GIP

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🗞️ Driving the news: Italian energy major Eni (see sustainability performance) has entered exclusive talks with Global Infrastructure Partners (GIP), a BlackRock-owned fund, to sell a 49.99% stake in its carbon capture, utilization and storage (CCUS) business
• The deal would include Eni’s key CCUS assets such as HyNet and Bacton in the UK, L10 in the Netherlands, and a future option on Ravenna in Italy, forming a strategic partnership to expand Eni’s decarbonisation platform

🔭 The context: This move reflects Eni’s “satellite model” strategy, where it spins out low-carbon assets to attract external capital for scale-up while retaining control
• GIP’s backing adds financial weight and credibility to Eni’s CCUS ambitions at a time when institutional investors are increasingly seeking exposure to climate-aligned infrastructure
• The HyNet and Bacton hubs are among the UK’s leading CCUS initiatives, aimed at decarbonising industrial clusters and hydrogen production

🌍 Why it matters for the planet: CCUS is critical for decarbonising hard-to-abate sectors and meeting net-zero targets
• Eni’s strategy helps accelerate deployment by leveraging private capital to scale carbon capture infrastructure across Europe
• If successful, the partnership could serve as a replicable model for public-private cooperation in climate technology deployment
• However, CCUS remains controversial due to high costs and uncertainties over long-term storage reliability

⏭️ What's next: Negotiations are ongoing, and a final agreement would see GIP co-invest in developing the existing projects and potentially future ones
• This may accelerate timelines for key European CCUS hubs, particularly as the EU refines its industrial decarbonisation funding mechanisms
• Market observers will watch how the deal shapes financing models for other oil majors' low-carbon ventures

💬 One quote: “This step confirms the value in our energy transition-related businesses and supports further growth through strategically aligned capital.” — Eni spokesperson

📈 One stat: The deal under discussion involves a 49.99% stake in Eni’s CCUS business, covering projects across three countries and future expansion potential

See on illuminem's Data Hub™ the sustainability performance of Eni and its peers Shell, and Equinor

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