Italy’s Snam is studying a binding offer for a stake in Eni’s carbon capture and storage (CCS) business next month, according to Reuters.

Last year, Snam and Eni launched a joint project to establish Italy’s first CCS hub. Snam is now considering integrating its 50% stake in this venture into Eni’s CCS unit.

“We are examining the documentation made available in the data room and at this moment the indication we have received is to prepare a binding offer by the end of February… but there is no definite date,” said CEO of Snam, Stefano Venier, during the presentation of the group’s new strategic plan.

Snam’s interest in this sector aligns with its recent announcement to invest a total of €12.4 billion ($12.9 billion), net of grants, over the next five years to boost its infrastructure and develop low-carbon businesses.

The group will devote €10.9 billion to its gas infrastructure and €1.5 billion to low-carbon businesses, of which 0.5 billion will go to the CCS business.

Snam also noted that energy-intensive companies in Italy are showing interest in capturing, transporting, and storing carbon dioxide emissions in the Ravenna hub. Additionally, French and Greek companies are considering participating in this initiative.