Eni seals CCS partnership with BlackRock-backed GIP

The company also holds an option to acquire Eni’s remaining 50% stake in the Ravenna CCS project in Italy.

Eni has completed the sale of a 49.99% stake in its carbon capture and storage business to Global Infrastructure Partners (GIP), part of BlackRock, creating a joint venture aimed at accelerating Europe’s decarbonisation efforts.

The deal, first announced in August, gives Eni and GIP joint control of Eni CCUS Holding, which operates major CCS projects including Liverpool Bay and Bacton in the UK and the L10-CCS development in the Netherlands. The company also holds an option to acquire Eni’s remaining 50% stake in the Ravenna CCS project in Italy and plans to add further projects over time.

Eni said the partnership validates its strategy of attracting external capital to energy transition businesses while retaining operational oversight. GIP’s entry is expected to strengthen the platform’s industrial capacity and unlock new growth opportunities in a sector seen as critical for cutting emissions from hard-to-abate industries.

Eni described CCS as a “mature and safe” technology and a key lever for meeting climate targets.