Latest news with #GlobalInfrastructurePartners
Yahoo
8 hours ago
- Business
- Yahoo
Eni Sells 49.99% Stake in CCUS Unit to BlackRock's GIP
Italian energy group Eni has signed an agreement to sell a 49.99% stake in its carbon capture, utilization and storage (CCUS) business to Global Infrastructure Partners (GIP), part of BlackRock, marking a major step in its energy transition strategy. The deal value was not disclosed. The partnership consolidates Eni's CCUS portfolio into a single entity, Eni CCUS Holding, which will be jointly controlled by Eni and GIP. The company manages some of Europe's most advanced projects, including Liverpool Bay and Bacton in the UK, the L10 project in the Netherlands, and future rights to Eni's Ravenna CCS project in Italy developed with gas grid operator Snam. The Liverpool Bay hub is already under construction as the backbone of the HyNet industrial cluster, supported by a defined regulatory and commercial framework and an existing financing plan. Eni said the move reflects its broader 'satellite model' strategy of selling minority stakes in energy transition businesses to fund growth, attract capital, and accelerate decarbonization. CEO Claudio Descalzi noted that the deal will 'enhance our ability to deliver large-scale, technically advanced decarbonization solutions,' underscoring the attractiveness of CCUS in driving value creation while reducing emissions. For GIP, the investment marks a significant expansion into carbon capture. 'We are excited to partner with Eni, a global leader in CCUS,' said GIP Chairman and CEO Bayo Ogunlesi. 'Our experience in midstream infrastructure, combined with Eni's technical expertise, will help accelerate deployment of CCUS at scale, serving growing market needs for affordable, decarbonized energy and products.' The transaction, first flagged in exclusive talks announced in May, remains subject to regulatory approvals. Once closed, it will reinforce the business case for CCUS, a technology viewed as one of the most effective tools to cut emissions from hard-to-abate industries such as steel, cement, and refining. Read this article on 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
Globe and Mail
15 hours ago
- Business
- Globe and Mail
Global Infrastructure Partners Enters Agreement to Acquire Co-Control Stake of 49.99% in Eni CCUS Holding
Global Infrastructure Partners ('GIP'), a part of BlackRock and one of the world's leading infrastructure investors, announced today that it has entered into a definitive agreement to acquire a 49.99% interest in Eni CCUS Holding ('Eni CCUS'), a leading global platform in the carbon capture, utilization, and storage ('CCUS') sector. Eni CCUS currently encompasses the Liverpool Bay and Bacton projects in the UK, the L10 project in the Netherlands and has the option to participate in the Ravenna CCS project in Italy – cornerstone assets aimed at decarbonizing industrial clusters. The agreement also grants Eni CCUS the right to participate in potential future projects related to Eni's depleted oil and gas fields once the relevant regulatory and market conditions allow. Over time, the Eni CCUS platform is expected to expand further, unlocking new business opportunities and reinforcing its contribution to decarbonization efforts. The partnership will accelerate the development of these projects across different geographies, providing critical infrastructure to capture and permanently sequester CO 2 emissions from hard-to-abate industries. 'We are excited to partner with Eni, a global leader in CCUS,' said Bayo Ogunlesi, GIP's Chairman and Chief Executive Officer. 'GIP's experience in midstream infrastructure, combined with Eni's technical, operational and industrial capabilities, will help accelerate the deployment of CCUS solutions at meaningful scale, furthering our commitment to serve growing market needs for affordable, decarbonized energy and products.' Eni's CEO, Claudio Descalzi, commented: 'The decision to consolidate our CCUS global portfolio into a dedicated entity, and the entry of GIP as a strategic partner, will further enhance our ability to deliver large-scale, technically advanced decarbonization solutions. The development of our satellite model applied to our businesses related to the energy transition is therefore successfully continuing, confirming their significant attractiveness in terms of growth potential and value creation by attracting aligned capital, as well as their effectiveness in reducing emissions.' CCUS is a safe, proven and scalable solution to decarbonize emissions-intensive industrial sectors such as steel, cement, and chemicals as well as contributing to emissions abatement in power generation. By permanently storing or repurposing captured CO 2, CCUS enables industries to meet climate targets, while maintaining energy security and industrial competitiveness in the transition to a decarbonized economy. GIP views the energy transition as a generational investment opportunity, estimated to require over $100 trillion of investment to deliver on the world's need for clean energy. CCUS is a critical component of this transition, and through this strategic partnership, GIP is leveraging its expertise in energy and industrial infrastructure, along with strong partnerships across government and industry, to enable and accelerate the deployment of energy transition infrastructure. About Global Infrastructure Partners (GIP) Global Infrastructure Partners (GIP), a part of BlackRock, is a leading infrastructure investor that specializes in investing in, owning and operating some of the largest and most complex assets across the energy, transport, digital infrastructure and water and waste management sectors. With energy pragmatism central to our investment thesis, we are well positioned to support the global energy transition. GIP's scaled platform has over $183 billion in assets under management. We believe that our focus on real infrastructure assets, combined with our deep proprietary origination network and comprehensive operational expertise, enables us to be responsible stewards of our clients' capital and to create positive economic impact for communities. For more information, visit
Arabian Business
4 days ago
- Business
- Arabian Business
Aramco seals $11bn Jafurah gas deal with BlackRock-led consortium
Saudi Aramco has signed an $11bn lease and leaseback agreement for its Jafurah natural gas processing facilities with a consortium of global investors led by funds managed by Global Infrastructure Partners (GIP), part of BlackRock. The deal involves Jafurah Midstream Gas Company (JMGC) leasing development and usage rights for the Jafurah Field Gas Plant and the Riyas NGL Fractionation Facility, and then leasing them back to Aramco for 20 years. JMGC will receive a tariff from Aramco in exchange for exclusive rights to process and treat raw gas from Jafurah. Saudi Aramco gas deal Aramco will retain a 51 per cent majority stake in JMGC, while GIP and co-investors, including leading institutional investors from Asia and the Middle East, will hold the remaining 49 per cent. The transaction, which places no restrictions on Aramco's production volumes, is expected to close following customary conditions. Jafurah, the largest non-associated gas development in Saudi Arabia, holds an estimated 229tn standard cubic feet of raw gas and 75bn stock tank barrels of condensate. It is central to Aramco's strategy to increase gas production capacity by 60 per cent between 2021 and 2030 to meet growing demand. Aramco president and chief executive Amin Nasser, said: 'Jafurah is a cornerstone of our ambitious gas expansion program, and the GIP-led consortium's participation as investors in a key component of our unconventional gas operations demonstrates the attractive value proposition of the project. 'This foreign direct investment into the Kingdom also highlights the appeal of Aramco's long-term strategy to the international investment community. 'As Jafurah prepares to start phase one production this year, development of subsequent phases is well on track'. 'We look forward to Jafurah playing a major role as a feedstock provider to the petrochemicals sector, and supplying energy required to power new growth sectors, such as AI data centres, in the Kingdom.' GIP chairman and chief executive Adebayo Ogunlesi said: 'We are pleased to deepen our partnership with Aramco with our investment in Saudi Arabia's natural-gas infrastructure, a key pillar of global natural-gas markets. 'Today's announcement builds upon BlackRock and GIP's longstanding relationship with Aramco to serve growing market needs for cleaner fuels, energy security, and energy affordability.' The transaction is expected to optimise Aramco's assets, unlock additional value from the Jafurah field, and further deepen ties between Aramco and BlackRock. In 2022, BlackRock co-led a consortium that invested in Aramco Gas Pipelines Company.
Arab News
4 days ago
- Business
- Arab News
Aramco inks $11bn Jafurah gas deal with BlackRock-led consortium
RIYADH: Saudi Aramco signed an $11 billion lease-and-leaseback agreement with a consortium led by Global Infrastructure Partners, part of BlackRock, for midstream assets tied to its Jafurah gas development. Under the deal, the newly formed Jafurah Midstream Gas Co. will lease development and usage rights for the Jafurah Field Gas Plant and Riyas NGL Fractionation Facility, then lease them back to Aramco for 20 years, according to a press release. The company will collect a tariff from Aramco, which retains exclusive rights to receive, process and treat raw gas from the field. The transaction secures one of the largest foreign direct investments in the Kingdom's energy sector and builds upon the strong existing relationship between Aramco and BlackRock. In 2022, BlackRock co-led a consortium of investors in a separate minority investment in Aramco Gas Pipelines Co. In a press statement, Amin H. Nasser, Aramco president and CEO, said: 'Jafurah is a cornerstone of our ambitious gas expansion program, and the GIP-led consortium's participation as investors in a key component of our unconventional gas operations demonstrates the attractive value proposition of the project.' He added: This foreign direct investment into the Kingdom also highlights the appeal of Aramco's long-term strategy to the international investment community. As Jafurah prepares to start phase one production this year, development of subsequent phases is well on track.' As part of the deal, Aramco will own 51 percent of JMGC, while the GIP-led group will hold the remaining 49 percent. The transaction, free of production volume restrictions, is expected to close once customary conditions are met. Jafurah, the Kingdom's largest non-associated gas field, holds an estimated 229 trillion cubic feet of raw gas and 75 billion stock tank barrels of condensate. The field is central to Aramco's plan to boost gas production capacity by 60 percent between 2021 and 2030 to meet rising demand. Bayo Ogunlesi, GIP's chairman and CEO, said: 'We are pleased to deepen our partnership with Aramco with our investment in Saudi Arabia's natural gas infrastructure, a key pillar of global natural gas markets.' The deal attracted significant interest from global investors, with co-investors from Asia and the Middle East participating. Aramco said the agreement will help optimize its asset portfolio and capture additional value from Jafurah's development.
Yahoo
4 days ago
- Business
- Yahoo
Aramco Strikes $11 Billion Infrastructure Deal with BlackRock-Led Group
BlackRock Inc., through its Global Infrastructure Partners unit, has led an $11 billion lease deal with Saudi Aramco involving key natural gas infrastructure tied to the kingdom's massive Jafurah project. Bloomberg reports that, under the agreement, the BlackRock-led group will lease midstream facilities that serve Jafurah and then lease them back to Aramco for 20 years. The Jafurah gas development — with an estimated cost exceeding $100 billion — is central to Saudi Arabia's plans to supply domestic power generation and expand gas exports. The unconventional field requires advanced extraction techniques to tap gas locked in hard rock formations. As part of the deal, a new subsidiary, Jafurah Midstream Gas Company, will be created. Aramco will hold a 51% controlling stake, while the investor group will own the remaining 49%. The arrangement will not limit Aramco's production capacity. This transaction aligns with Aramco's broader strategy to raise capital by monetizing non-core infrastructure assets. The state-controlled giant is a key funding source for Saudi Arabia's Vision 2030 economic transformation plan, which aims to diversify the economy into areas such as artificial intelligence, tourism, sports, and futuristic city projects — all in preparation for a future of declining oil demand. For BlackRock, the move deepens its footprint in Saudi Arabia and the wider Gulf. The firm was the first major global asset manager to open a Riyadh office and has invested in Kuwait, Qatar, and the UAE. Aramco CEO Amin Nasser has served on BlackRock's board since 2023. BlackRock was also part of the 2021 investment consortium that acquired stakes in Aramco's national gas pipeline network. Aramco CFO Ziad Al-Murshed said in an August 5 earnings call that the company continues to assess its portfolio to 'unlock capital' from lower-return assets and reinvest in core operations. Infrastructure, he noted, often attracts outside investors willing to provide capital in exchange for stable returns. Bloomberg previously reported that Aramco had explored bringing in outside investors for parts of the Jafurah project, including its midstream assets, as early as 2021. Read this article on 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
