Italy’s energy giant Eni has agreed to sell a 49.99% stake in its carbon capture, utilization, and storage business to Global Infrastructure Partners, part of BlackRock. The deal, announced on August 18, 2025, aims to boost large scale decarbonization efforts across Europe.
This partnership combines Eni’s technical skills with GIP’s infrastructure know how to speed up CCUS projects. It marks a key step in Eni’s plan to grow its energy transition businesses while drawing in outside capital.
Details of the Agreement
Eni and Global Infrastructure Partners signed the definitive agreement after months of talks that started with an exclusivity deal in May 2025. The sale gives GIP co control of Eni CCUS Holding, which runs major projects in the UK, Netherlands, and Italy.
This move fits Eni’s broader strategy to bundle its CCUS assets into one unit and attract partners. The platform could expand to include more projects as rules and markets evolve.
Under the terms, Eni keeps a slight majority but shares control with GIP. Both sides expect this to unlock new chances in the growing CCUS field.
The deal value was not disclosed, but experts say it shows strong investor interest in clean energy tech. CCUS is vital for cutting emissions in hard to abate sectors like steel and cement.
Key Projects in the Portfolio
Eni CCUS Holding operates several flagship initiatives set to capture and store millions of tons of CO2 each year. These projects target industrial hubs and use old oil and gas sites for storage.
The Liverpool Bay project in the UK, part of the HyNet Cluster, will transport CO2 from factories in North West England and North Wales. It involves reusing offshore platforms and building new pipelines.
Another UK effort is the Bacton project, which focuses on the East Coast. In the Netherlands, the L10 project uses North Sea reservoirs for storage.
The portfolio also includes the right to join the Ravenna CCS project in Italy once conditions improve. This could store CO2 from Italian industries under the Adriatic Sea.
Over time, more prospects might join, creating a wider European CCUS network. This setup helps meet net zero goals by 2050.
Here is a quick overview of the main projects:
| Project Name | Location | Key Features | Expected CO2 Capture Capacity |
|---|---|---|---|
| Liverpool Bay (HyNet) | UK | Repurposed pipelines and offshore storage | Up to 10 million tons per year |
| Bacton | UK | Ties into industrial emitters | Around 4 million tons annually |
| L10 | Netherlands | Uses depleted gas fields | 5 million tons per year target |
| Ravenna CCS | Italy | Future Adriatic Sea storage | Potential for 3-5 million tons |
This table shows how these projects form a strong base for growth.
Why This Deal Matters for Decarbonization
CCUS technology captures CO2 from sources like power plants and factories, then stores it underground or uses it in products. It plays a big role in fighting climate change, especially where renewables alone fall short.
Global demand for CCUS is rising fast. The International Energy Agency says the world needs to capture 1.7 billion tons of CO2 by 2030 to stay on track for climate targets. Current projects handle only a fraction of that.
Eni’s deal with GIP comes amid other big moves in the sector. For example, in July 2025, the US government funded new CCUS hubs, and Norway advanced its Longship project. These trends highlight growing support for the tech.
By partnering, Eni and GIP aim to scale up operations and cut costs. This could make CCUS more affordable for industries facing carbon taxes.
Experts note that such investments signal confidence in CCUS as a bridge to a low carbon future. It also creates jobs in engineering and construction.
Statements from Leaders
Eni CEO Claudio Descalzi called the partnership a success for their satellite model. This approach spins off transition businesses to attract capital while keeping Eni’s focus on core operations.
He said it boosts their ability to offer advanced decarbonization solutions. The model has worked in other areas like renewables.
GIP Chairman Bayo Ogunlesi praised Eni’s leadership in CCUS. He highlighted how their midstream expertise pairs well with Eni’s skills to meet market needs for cleaner energy.
Both leaders stressed the deal’s role in speeding up project rollout across regions.
Potential Impacts and Challenges
The partnership could lead to faster project starts. For instance, Liverpool Bay aims to begin operations by 2027, storing CO2 from key UK industries.
It supports Europe’s push for energy security and lower emissions. The EU has set ambitious targets, with CCUS as a core tool.
However, challenges remain. Regulatory hurdles can slow progress, and public acceptance of underground storage varies. Costs are high, though falling with scale.
Despite this, the deal shows investor faith. It follows Eni’s other 2025 moves, like expanding biofuels.
Looking ahead, this could inspire similar partnerships worldwide. As more firms seek net zero, CCUS demand will grow.
Future Outlook for Eni and GIP
Eni plans to use funds from the sale to fuel growth in other green areas. This fits their goal of balancing oil and gas with transitions.
GIP, as part of BlackRock, brings vast resources. BlackRock manages trillions and pushes sustainable investing.
Together, they might explore projects beyond Europe, like in Asia or the US.
Key benefits of this collaboration include:
- Faster tech deployment
- Shared risks and costs
- Access to new markets
- Stronger push for global decarbonization
This positions Eni CCUS as a leader in the field.
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