Eni in exclusive talks over stake sale in CCUS business

Eni Engages in Exclusive Talks with Global Infrastructure Partners Regarding CCUS Stake Sale

Eni, a major energy company in Italy, has entered into an exclusivity agreement with Global Infrastructure Partners (GIP), an infrastructure investor affiliated with BlackRock, to discuss the potential sale of a portion of Eni’s carbon capture, utilization, and storage (CCUS) business.

The agreement involves finalizing assessments and preparing the necessary documentation for the potential sale of Eni’s 49.99% co-control stake in its subsidiary, Eni CCUS Holding. This subsidiary manages projects in the UK and the Netherlands and has the option to acquire a project in Italy. Eni envisions expanding its CCUS project portfolio in the medium-to-long term.

Under the ongoing negotiations, GIP intends to not only acquire a stake in Eni CCUS Holding but also support investments in CCUS projects. Eni views this agreement as a testament to the value it is creating in its new energy transition ventures and aims to further develop these businesses.

Eni recently received financing for its Liverpool Bay CCS project, which will play a crucial role in the HyNet industrial cluster, a significant energy-intensive area in the UK. The project involves capturing CO2 emissions from industrial facilities and storing them in Eni’s depleted natural gas reservoirs under the seabed in Liverpool Bay.

Approved by the NSTA, Eni has awarded engineering, procurement, and construction contracts to Italian companies for the CCS project. Saipem will manage the CO2 compression station, while Rosetti Marino is tasked with delivering platforms for CO2 storage in depleted reservoirs.

Eni was named among the oil and gas companies mandated to provide CO2 storage solutions to help the EU achieve its goal of reaching a CO2 injection capacity of at least 50 million tonnes per year by 2030.