Eni and BlackRock's GIP take joint control of carbon capture unit

MILAN, Dec ‌18 (Reuters) - Eni has completed the sale of a 49.99% stake ‍in ‌its carbon capture and storage unit to BlackRock's infrastructure fund Global Infrastructure ⁠Partners, giving the two groups ‌joint control of the business, it said on Thursday.

The deal is part of Eni's strategy to spin off specific businesses and bring in partners to ⁠help fund investments for those units. It hands over a bigger share than in previous ​deals regarding its low-carbon units Plenitude and Enilive ‌when it limited the share of ⁠partners to 30%.

Eni's CCUS Holding operates the Liverpool Bay and Bacton projects in Britain, in addition to the L10-CCS project in the ​Netherlands. 

The CCUS unit also has the right to acquire the 50% held by Eni in the carbon capture project it launched with gas grid operator Snam in Italy. Additional projects could be added ​in the ‍medium term, the Italian ​group said, without disclosing the financial value of the deal.

"This strategic partnership enhances the industrial potential and the value of the portfolio projects, reinforces Eni's ambition to be a leading global player in the carbon capture and storage sector, and paves the way for future growth ⁠opportunities," Eni said in a statement.

Carbon capture and storage 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 say that it can prolong the use of fossil fuels.

(Reporting by Francesca Landini; editing by Barbara Lewis)