Eni and GIP Agree to Exclusive Deal for Carbon Capture Stake Sale

Eni and Global Infrastructure Partners (GIP) have entered into an exclusivity agreement for the sale of Eni's carbon capture, utilization and storage (CCUS) stake. Eni, a global energy company, is exploring, developing, and extracting oil and natural gas, as well as producing electricity from cogeneration and renewable energy sources. The deal aims to support Eni's efforts to generate value while meeting the challenges of the energy trilemma.

San Donato Milanese (Milan), 27 May 2025 – Eni, a global energy company, has signed an agreement with Global Infrastructure Partners (GIP), a leading global infrastructure investor and part of BlackRock, to enter a period of exclusivity aimed at progressing the confirmatory due diligence phase and completing the drafting of the documents related to the sale of a co-control stake of 49.99% in Eni CCUS Holding. This strategic move underscores Eni's commitment to advancing its carbon capture, utilization, and storage (CCUS) initiatives [1].

Eni CCUS Holding is a key player in the European CCUS sector, operating projects such as Hynet and Bacton in the UK, and L10 in the Netherlands. The company also holds the future right to acquire the Ravenna project in Italy, subject to regulatory and market developments [1]. The agreement with GIP follows a thorough selection process involving several prominent international players, further confirming the strong appeal of Eni's CCUS business and its growth prospects [1].

According to the final agreement under negotiation, GIP will support investments in the CCUS projects, potentially adding additional prospects to build a wide platform of CCUS projects in the medium to long term [1]. This exclusivity agreement is part of Eni's satellite model strategy, which aims to attract strategically aligned capital from valuable new partners at attractive terms, thereby confirming the value Eni is creating in its new energy transition-related businesses and funding their further growth [1].

CCUS technology is a mature and safe process, serving as one of the key levers for the energy transition by being the most efficient and effective decarbonization tool for hard-to-abate industries in reducing their emissions [2]. The global market for CCUS technologies is projected to grow from $3.4 billion in 2024 to $9.6 billion by 2029, at a compound annual growth rate (CAGR) of 23.1% [2]. Factors driving this growth include the rising demand for carbon-neutral products, the rise of CCUS hubs, renewed momentum around CCUS projects, and synergies with carbon dioxide removal (CDR) technologies [2].

Eni's move to sell a stake in Eni CCUS Holding is part of its broader strategy to meet the challenges of the energy trilemma—balancing energy security, affordability, and sustainability. By securing investments from GIP, Eni aims to further develop its CCUS capabilities and contribute to the broader goal of reducing greenhouse gas emissions [1].

References:
[1] https://www.eni.com/en-IT/media/press-release/2025/05/pr-eni-exclusivity-agreement-GIP-sale-control-eni-ccus.html
[2] https://www.prnewswire.com/news-releases/carbon-capture--storage-the-key-to-a-greener-future-302460988.html