Finance
BlackRock's GIP to take stake in Eni's carbon capture business
Published by Global Banking & Finance Review®
Posted on August 18, 2025
2 min readLast updated: January 22, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on August 18, 2025
2 min readLast updated: January 22, 2026
BlackRock's GIP buys a 49.99% stake in Eni's CCUS business, aiming to enhance decarbonisation. The partnership focuses on projects in the UK, Netherlands, and Italy.
By Francesca Landini
MILAN (Reuters) -U.S. asset manager BlackRock's infrastructure fund GIP has agreed to buy a 49.99% stake in Eni's carbon capture and storage business (CCUS), the Italian company said on Monday without disclosing the value of the deal.
The proposed deal is part of Eni's broader strategy to sell minority stakes in satellite operations to fund their growth.
Eni CCUS Holding comprises the HyNet and Bacton projects in Britain and L10 in the Netherlands. It also has future rights to acquire Italy's carbon capture project in Ravenna, which Eni has launched together with Italian gas grid company Snam.
"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 decarbonisation solutions," Eni Chief Executive Claudio Descalzi said in a statement.
Under the partnership announced on Monday, GIP and Eni will share investment costs to develop the business.
"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," said GIP Chairman and CEO Bayo Ogunlesi.
CCUS technology removes CO2 produced by industrial processes from the atmosphere or captures it at the point of emission and stores it underground.
The International Energy Agency says the technology can play a vital role in achieving global climate goals. But critics have questioned its commercial viability and warned that it could prolong the use of fossil fuels.
(Reporting by Francesca LandiniEditing by David Goodman)
BlackRock's infrastructure fund GIP has agreed to buy a 49.99% stake in Eni's carbon capture and storage business.
Eni CCUS Holding includes the HyNet and Bacton projects in Britain and L10 in the Netherlands, along with future rights to acquire Italy's carbon capture project in Ravenna.
Under the partnership, GIP and Eni will share investment costs to develop the carbon capture business.
The International Energy Agency states that CCUS technology can play a vital role in achieving global climate goals.
Critics have questioned the commercial viability of CCUS technology and warned that it could prolong the use of fossil fuels.
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