Finance
Eni in talks with GIP for sale of 49.99% of carbon capture unit
Published by Global Banking & Finance Review®
Posted on May 27, 2025
2 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on May 27, 2025
2 min readLast updated: January 23, 2026
Eni is negotiating to sell a 49.99% stake in its carbon capture unit to GIP, aiding its low-carbon expansion while maintaining oil and gas investments.
By Francesca Landini
MILAN (Reuters) -Eni has entered exclusive talks to sell a 49.99% stake in its carbon capture, utilisation and storage (CCUS) business to BlackRock's infrastructure fund GIP, the Italian energy group said on Tuesday.
The move is part of Eni's broader strategy to develop dedicated units - or satellites - and sell minority stakes in them to fund their growth.
That allows Eni to expand its low-carbon businesses while preserving its capacity to invest in oil and gas activities, Chief Transition and Financial Officer Francesco Gattei recently said.
Eni CCUS Holding includes the Hynet and Bacton projects in Britain and L10 in the Netherlands, and has future rights to acquire Italy's carbon capture project in Ravenna.
According to the agreement under negotiation, GIP will not only acquire a stake but also support investments to develop the CCUS projects, Eni said in a statement.
The Italian group said the agreement came after a selection process among several suitors.
Sources told Reuters in March that GIP, HitecVision, Macquarie, Italy's Snam and Thailand's PTT Exploration and Production Public Company had presented non-binding bids for the business.
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 say it risks prolonging the use of fossil fuels and question its commercial viability.
(Reporting by Francesca Landini, editing by Gavin Jones and Jan Harvey)
Eni is in exclusive talks to sell a 49.99% stake in its carbon capture business to BlackRock's infrastructure fund GIP.
The sale of minority stakes is part of Eni's strategy to fund the growth of its dedicated low-carbon units while maintaining investment capacity in oil and gas.
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.
CCUS technology removes CO2 produced by industrial processes from the atmosphere or captures it at the point of emission and stores it underground.
Critics argue that CCUS technology risks prolonging the use of fossil fuels and question its commercial viability, despite its potential role in achieving global climate goals.
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