Eni completed the sale of a 49.99% stake in its carbon capture and storage (CCS) unit to BlackRock’s Global Infrastructure Partners (GIP) on December 18, 2025, valuing the business at roughly €1 billion (about $1.2 billion). The transaction gives the two parties joint control of the unit, allowing GIP to participate in strategic decisions while Eni retains its operational leadership.
The CCS unit includes the Liverpool Bay and Bacton projects in the United Kingdom, the L10‑CCS project in the Netherlands, and a right to acquire a 50% stake in the Ravenna CCS project in Italy. These assets collectively represent a diversified portfolio of capture sites that are positioned to support Eni’s goal of carbon neutrality by 2050.
The deal is a key element of Eni’s “satellite model,” which separates growth businesses into distinct entities to attract external capital without diluting core equity. By partnering with GIP, Eni secures the capital needed to expand its capture portfolio while maintaining control, thereby accelerating deployment of new projects and reinforcing its low‑carbon strategy.
GIP’s involvement signals strong institutional confidence in the CCS sector. The partnership is expected to enhance the industrial potential and value of the portfolio projects, as Eni’s leadership noted, and to position the company as a leading global player in carbon capture and storage. The joint control arrangement also provides a platform for future growth opportunities and strengthens Eni’s competitive position in a market that is increasingly focused on decarbonization technologies.
Eni’s CEO highlighted that the 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.” The statement underscores the company’s confidence in the long‑term viability of its CCS strategy and the added value that GIP brings through its infrastructure expertise.
Following the announcement, Eni’s shares rose modestly in early trading on December 19, 2025. The increase was attributed to a broader rally in European oil and gas stocks driven by higher oil prices amid U.S.–Venezuela tensions, rather than the CCS deal itself.
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