Latest news with #Eni
Yahoo
2 days ago
- Business
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BlackRock's GIP to buy controlling stake in Eni carbon capture business
This story was originally published on ESG Dive. To receive daily news and insights, subscribe to our free daily ESG Dive newsletter. BlackRock's Global Infrastructure Partners signed an exclusivity agreement Tuesday with Italian energy company Eni for the potential sale of a 49.99% co-controlling stake in Eni's carbon capture, utilization and storage business. Eni CCUS Holding owns and operates several projects across Europe, including in the United Kingdom and Netherlands. The energy company's carbon capture subsidiary also has the future right to acquire a project in Ravenna, Italy, projected to annually capture and store 4 millions tons of carbon dioxide by 2030. Once the deal and acquisition are finalized, GIP will not only own a stake in Eni's business but also support investments to develop carbon capture and storage projects, the two companies said. Eni, which is headquartered in Rome, Italy, said additional ventures could potentially be added to this lineup to 'build a wide platform of CCUS projects.' The energy company said the agreement came after a thorough selection process that involved several suitors who expressed interest in the carbon solutions subsidiary. Eni called carbon capture, utilization and storage a 'mature and safe technological process' in a May 27 release, and '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.' The agreement with GIP aligns with Eni's broader strategy to split some of its operations into separate entities or satellites, and then sell minority stakes to get more funding for their development. 'The satellite model is an approach we have built to have additional funding sources to keep together the need to meet demand for traditional products, while also developing new, greener products," Eni Chief Financial Officer Francesco Gattei told Reuters earlier this month. The deal will also allow GIP to expand its green infrastructure portfolio. The global infrastructure investor was acquired by BlackRock in September, after regulators greenlit a deal announced in January 2024 that placed the value of the purchase around $12.5 billion. The acquisition combined GIP's $100 billion in assets under management and its energy, transport, water, waste and digital infrastructure focused portfolio with BlackRock's $50 billion infrastructure platform. At the time, the nation's largest asset manager cited 'a movement toward decarbonization and energy security in many parts of the world' as a reason for the deal. Recommended Reading BlackRock buys Global Infrastructure Partners, makes $12.5B bet on infrastructure market
Shafaq News
2 days ago
- Business
- Shafaq News
Iraq's exports $2.7B in oil to Italy in 2024
Shafaq News/ Iraq delivered $2.68B in oil shipments to Italy in 2024, maintaining its role as a key energy supplier to the European market, official trade data showed. The exports included 4.32 million tonnes of crude oil worth $2.44B, in addition to 435,532 tonnes of petroleum-based derivatives, which generated $242.57M. The total reflected a modest 1% growth in value compared to 2020, indicating consistent trade volumes over the past five years. Italy imports Iraqi oil through long-term agreements with energy firms such as Eni and Saras, which refine the crude in southern Europe, the country being one of Iraq's top European clients, alongside rising demand from other EU nations seeking to diversify supply amid geopolitical shifts. Iraq, a founding member of OPEC, continues to depend on oil for over 90% of its government revenue. Despite production cuts under the OPEC+ agreement, Baghdad's fuel oil exports are projected to reach record highs in 2024, with total oil shipments surpassing 1.2 billion barrels globally.
Yahoo
2 days ago
- Business
- Yahoo
Eni Eyes Strategic Partnership With GIP in CCUS Business
Eni S.p.A. E has entered into exclusive negotiations with Global Infrastructure Partners ('GIP'), an investment group within BlackRock, to potentially sell a 49.99% co-control stake in its carbon capture, utilization, and storage ('CCUS') subsidiary, Eni CCUS Holding. The agreement marks a significant move in Eni's strategy to accelerate energy transition investments while unlocking value from its growing portfolio of decarbonization assets. The exclusivity period will allow both parties to complete due diligence and finalize transaction documentation. Eni CCUS Holding operates several key carbon capture initiatives, including the HyNet and Bacton projects in the UK and the L10 project in the Netherlands. It also holds future acquisition rights to the Ravenna CCS project in Italy, offering GIP a gateway to some of Europe's most critical carbon management infrastructure. Eni stated that the deal emerged from a competitive selection process with major international players, highlighting strong market interest in CCUS growth potential. In addition to acquiring a nearly 50% stake, GIP is expected to co-invest in expanding the CCUS platform. Eni views this as a validation of the value it's building within its energy transition portfolio, which includes renewable energy, sustainable mobility and low-carbon technologies. Eni recently secured financing for the Liverpool Bay CCS project, a key component of the UK's HyNet industrial cluster. The project aims to capture CO2 emissions from industrial facilities in North West England and North Wales, transporting them for permanent storage beneath the Irish Sea. Following project approval by the North Sea Transition Authority, Eni awarded major EPC contracts to Italian firms. Saipem will build a new CO2 compression station, while Rosetti Marino will deliver four offshore platforms for long-term CO2 storage. Earlier in May, Eni was among 44 oil and gas firms tasked by the EU to advance carbon storage initiatives to meet a bloc-wide goal of injecting at least 50 million tons of CO2 annually by 2030. The timing of Eni's stake sale discussions signals strong investor appetite for such infrastructure as Europe's regulatory and climate ambitions intensify. Eni's potential partnership with GIP could serve as a model for how legacy energy companies monetize transition-related assets while leveraging external capital to scale their decarbonization footprint across Europe. E currently carries a Zack Rank #4 (Sell). Investors interested in the energy sector may look at some better-ranked stocks like Subsea 7 S.A. SUBCY, Energy Transfer LP ET and RPC Inc. RES. Subsea 7 presently sports a Zacks Rank #1 (Strong Buy), while Energy Transfer and RPC carry a Zacks Rank #2 (Buy) each. You can see the complete list of today's Zacks #1 Rank stocks here. Subsea 7 helps build underwater oil and gas fields. It is a top player in the Oil and Gas Equipment and Services market, which is expected to grow as oil and gas production moves further offshore. The Zacks Consensus Estimate for SUBCY's 2025 EPS is pegged at $1.31. The company has a Value Score of A. Energy Transfer is poised to benefit from long-term fee-based commitments. It is also focused on expanding operations through organic and inorganic initiatives. The firm is looking for solutions to meet growing energy demands from additional demand centers through its pipeline network. Energy Transfer's systematic investments should boost its total fractionation capacity at Mont Belvieu and raise its top line. The Zacks Consensus Estimate for ET's 2025 EPS is pegged at $1.44. The company has a Value Score of A. RPC generates strong and stable revenues through a diverse range of oilfield services, including pressure pumping, coiled tubing and rental tools. The company is strongly committed to returning value to shareholders through consistent dividends and share buybacks. RPC's current dividend yield is higher than that of the composite stocks in the industry. Its new Tier IV dual-fuel fleet has boosted profits, with plans to further expand high-efficiency equipment to enhance operational capabilities. The Zacks Consensus Estimate for RES' 2025 EPS is pegged at 38 cents. The company has a Value Score of A. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Eni SpA (E) : Free Stock Analysis Report Energy Transfer LP (ET) : Free Stock Analysis Report RPC, Inc. (RES) : Free Stock Analysis Report Subsea 7 SA (SUBCY) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
3 days ago
- Business
- Yahoo
Eni enters exclusivity agreement with GIP for sale of 49.99% stake in CCUS business
Eni has entered into an exclusivity agreement with Global Infrastructure Partners (GIP), a global infrastructure investor and a part of BlackRock. This agreement is intended to advance the confirmatory due diligence process and finalise the documentation for the sale of a 49.99% co-control stake in Eni CCUS Holding. Eni CCUS Holding is a 'leading player' in the European carbon capture, utilisation and storage (CCUS) sector, operating projects such as Hynet and Bacton in the UK, and L10 in the Netherlands. It also holds the future right to acquire the Ravenna project in Italy, contingent upon regulatory and market developments. In the medium to long term, there is potential for expanding this platform with additional CCUS projects, according to Eni. As per the final agreement being negotiated, in addition to initially acquiring a 49.99% stake in Eni CCUS Holding, GIP will also back investments in the CCUS projects. This move is part of Eni's satellite model strategy to draw strategically aligned capital from 'valuable new partners at attractive terms'. Eni stated that this approach underscores the value it is generating in its new energy transition-related ventures and funding further growth. The agreement comes after a 'thorough' selection process that involved many international players expressing interest in the company. CCUS technology is recognised as a mature and safe method for reducing emissions, especially for industries where decarbonisation is challenging, while also being considered a crucial component of the energy transition. Last month, Eni achieved financial close with the UK's Department of Energy Security and Net Zero (DESNZ) for the Liverpool Bay CCS (carbon capture and storage) project. This enables the project to proceed to the construction phase, stimulating local supply chain investment. Eni is also the operator of the CO₂ transport and storage system for the HyNet Industrial Cluster. "Eni enters exclusivity agreement with GIP for sale of 49.99% stake in CCUS business" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
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Eni in talks with GIP for sale of 49.99% of carbon capture unit
By Francesca Landini MILAN (Reuters) -Eni has entered exclusive talks to sell a 49.99% stake in its carbon capture, utilisation and storage (CCUS) business to BlackRock's infrastructure fund GIP, the Italian energy group said on Tuesday. The move is part of Eni's broader strategy to develop dedicated units - or satellites - and sell minority stakes in them to fund their growth. That allows Eni to expand its low-carbon businesses while preserving its capacity to invest in oil and gas activities, Chief Transition and Financial Officer Francesco Gattei recently said. Eni CCUS Holding includes the Hynet and Bacton projects in Britain and L10 in the Netherlands, and has future rights to acquire Italy's carbon capture project in Ravenna. According to the agreement under negotiation, GIP will not only acquire a stake but also support investments to develop the CCUS projects, Eni said in a statement. The Italian group said the agreement came after a selection process among several suitors. Sources told Reuters in March that GIP, HitecVision, Macquarie, Italy's Snam and Thailand's PTT Exploration and Production Public Company had presented non-binding bids for the business. CCUS technology removes CO2 produced by industrial processes from the atmosphere or captures it at the point of emission and stores it underground. The International Energy Agency says the technology can play a vital role in achieving global climate goals. But critics say it risks prolonging the use of fossil fuels and question its commercial viability. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
