Eni, the Italian oil giant, has signed an exclusivity agreement with Global Infrastructure Partners (GIP), a leading global infrastructure investor. According to the agreement, Eni will be negotiating only with  GIP-excluding all other competitors, on the sale of the 49.9 per cent Eni holds in Eni CCUS Holding – a leading European player in the CCUS sector (Carbon Capture, Utilization and Storage).

The agreement aims to progress the confirmatory due diligence phase and complete the drafting of the documents related to the sale. Eni CCUS Holding operates  Hynet and Bacton in the UK and L10 in the Netherlands.

Eni stated that in case the deal is finalized, GIP will have the future right to acquire Eni CCUS’ Ravenna project in Italy.

According to the final agreement under negotiation, besides the initial acquisition of a 49.99% stake in Eni CCUS Holding, GIP will support investments in the CCUS projects.

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

Italy’s Eni is known for its technological innovation, particularly in upstream oil and gas activities, and is actively adapting its strategy to meet global climate goals and energy transition demands.