Eni has entered into an agreement to sell a 49.99% stake in Eni CCUS Holding to Global Infrastructure Partners (GIP), a part of BlackRock and an infrastructure investor.

The deal aims to maximise the industrial potential and improve the value of Eni's carbon capture, utilisation and storage (CCUS) projects.

Eni CCUS Holding, a company in the CCUS sector, operates the Liverpool Bay and Bacton projects in the UK, with Liverpool Bay crucial to the HyNet industrial cluster.

The company also manages the L10-CCS project in the Netherlands and has rights to purchase a 50% stake in Italy's Ravenna CCS (carbon capture and storage) project.

In the medium to long-term, the company is expected to develop a broader platform of CCUS initiatives.

Eni CEO Claudio Descalzi said: “The decision to consolidate our CCUS global portfolio into a dedicated entity, and the entry of GIP as a strategic partner, will further enhance our ability to deliver large-scale, technically advanced decarbonisation solutions.

“The development of our satellite model applied to our businesses related to the energy transition is therefore successfully continuing, confirming their significant attractiveness in terms of growth potential and value creation by attracting aligned capital, as well as their effectiveness in reducing emissions.”

The agreement, which solidifies discussions that began last May, will see Eni and GIP holding joint control of the company.

This transaction's closure is contingent on legal approvals. GIP's entry is a pivotal step in bolstering the business case for CCUS and the growth of Eni CCUS Holding, a component of Eni's satellite model that showcases the value of its energy transition businesses.

CCUS technology is recognised as a mature and safe method of decarbonisation, serving as a critical tool to support hard-to-decarbonise industries in their efforts to reduce emissions.

GIP chairman and CEO Bayo Ogunlesi said: “We are excited to partner with Eni, a global leader in CCUS.

“GIP’s experience in midstream infrastructure, combined with Eni’s technical, operational and industrial capabilities, will help accelerate the deployment of CCUS solutions at meaningful scale, furthering our commitment to serve growing market needs for affordable, decarbonised energy and products.”