Eni and Global Infrastructure Partners (GIP), a leading global infrastructure investor and a part of BlackRock, announce the closing of the sale of a 49.99 per cent stake in Eni CCUS Holding – a leading global player in the CCS sector (Carbon Capture and Storage).

The deal - first announced last August – states that Eni and GIP hold joint control of the company.

Eni CCUS Holding operates, through its subsidiaries, the Liverpool Bay and Bacton projects in the UK, in addition to the L10-CCS project in the Netherlands.

Furthermore, the company has the right to acquire the 50 per cent held by Eni of Ravenna CCS project in Italy and it will be able to include other potential projects within a broader platform of CCS initiatives in the medium- to long-term.

GIP’s entry, as a co-investor, confirms the effectiveness of Eni’s strategy in the sector and consolidates the development plan of Eni CCUS Holding.

This strategic 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.

Eni CCUS Holding is a further example of Eni’s satellite model, attracting strategically aligned capital to its energy transition businesses and confirming their growth potential and value creation.

CCS is a mature and safe technological process and it is one of the key levers for the energy transition, being currently the most efficient and effective decarbonisation tool to support hard-to-abate industries in reducing their emissions.

The transaction has obtained all the approvals provided by law. -TradeArabia News Service