Eni in Talks with Global Infrastructure Partners for Potential Sale of CCUS Business Stake

Italy’s energy giant Eni has taken a significant step towards potentially selling a stake in its carbon capture, utilization, and storage (CCUS) business. The company has signed an exclusivity agreement with Global Infrastructure Partners (GIP), an infrastructure investor affiliated with BlackRock, to negotiate the sale of Eni’s co-control 49.99% stake in its affiliate, Eni CCUS Holding.

Eni CCUS Holding currently operates key projects such as Hynet and Bacton in the UK, L10 in the Netherlands, and holds the future rights to the Ravenna CCS project in Italy. The company aims to expand its portfolio with additional prospects in the medium-to-long term.

Under the terms of the agreement being negotiated, GIP intends to acquire a stake in Eni CCUS Holding and provide support for investments in CCUS projects. Eni views this agreement as a testament to the value it is creating in its energy transition-related businesses.

Recently, Eni secured financing for its Liverpool Bay CCS project, a crucial component of the HyNet industrial cluster in the UK. This project involves capturing CO2 from industrial plants in North West England and North Wales and storing it in Eni’s depleted natural gas reservoirs under the seabed in Liverpool Bay.

Following approval from the NSTA, Eni awarded engineering, procurement, and construction (EPC) contracts to Saipem and Rosetti Marino for the CO2 compression station and storage platforms, respectively.

Eni’s involvement in CCS projects aligns with the EU’s targets for CO2 storage capacity, highlighting the company’s commitment to sustainable practices in the energy sector.