Eni has taken a significant step in its energy transition strategy by selling a 49.99% stake in its carbon capture subsidiary, Eni CCUS Holding, to Global Infrastructure Partners (GIP), the infrastructure arm of BlackRock. The deal includes joint development of carbon capture, utilization, and storage (CCUS) projects in the UK, Netherlands, and Italy, with key assets such as Liverpool Bay (part of the HyNet cluster), Bacton, and the L10-CCS site. The partnership may also expand to include the Ravenna CCS project, a cornerstone of Italy’s industrial decarbonization efforts.
Simultaneously, Eni continued its share buyback program, purchasing €40 million worth of shares between August 11 and 14 at an average price of €14.87. Since May, the company has repurchased €630 million in shares, now holding 4.34% of its own capital. This dual move strengthens Eni’s position in the low-carbon energy space while signaling financial confidence and enhancing shareholder returns.
This move underscores Eni’s “satellite model,” which aims to attract specialized capital to accelerate its green initiatives while generating value beyond its traditional oil and gas operations. The expanded CCUS portfolio positions Eni as a potential European leader in industrial decarbonization.
On the financial front, the buyback program supports the stock price, enhances shareholder returns, and signals confidence in the company’s long-term stability. Eni shares are currently trading at €15.02, with investors watching for further developments in the energy sector and ESG policy landscape.