Italian energy giant Eni has sold a nearly 50% stake in its new carbon capture and storage business to Global Infrastructure Partners (GIP), a BlackRock-owned firm investing in energy, transport, and water infrastructure assets. 

The sale, announced by the companies on Monday, August 18, follows exclusive negotiations that began in May, giving Eni and GIP joint control of the new entity, Eni CCUS Holding.

Eni CEO Claudio Descalzi said the deal will "further enhance [the company's] ability to deliver large-scale, technically advanced decarbonization solutions." 

He added that the partnership affirms the company's "satellite model," which aims to attract capital and create value by establishing dedicated businesses for its energy transition projects.

GIP's Chairman and CEO, Bayo Ogunlesi, said the firm’s experience in infrastructure combined with Eni's technical expertise will "help accelerate the deployment of CCUS solutions at meaningful scale."

Eni CCUS Holding oversees several major carbon capture projects, including the Liverpool Bay and Bacton CO2 transport pipeline and storage projects in the United Kingdom. 

Liverpool Bay is currently under construction and is a cornerstone of the HyNet industrial cluster. 

The company also manages the L10-CCS project in the Netherlands and has the option to acquire a 50% stake in the Ravenna CCS project in Italy.

The deal highlights the growing financial interest in carbon capture, utilization, and storage (CCUS) as a crucial tool for reducing emissions from hard-to-abate industries. The transaction is subject to regulatory approvals.