.jpg)
13 hours ago
1
Article content
(Bloomberg) — Eni SpA’s deal to sell half of its carbon capture and storage unit to BlackRock Inc.’s Global Infrastructure Partners will likely value the business at around €1 billion ($1.2 billion), according to people familiar with the matter.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The Italian energy giant and GIP, which agreed in May to hold exclusive talks for a 49.99% stake in Eni’s CCUS Holding, aim to close the deal by the end of summer, the people said, asking not to be named because they’re not authorized to comment publicly. The negotiations are ongoing, the valuation could still change and a final decision hasn’t been made, they said.
Article content
Article content
Article content
A representative for Eni declined to comment. GIP also declined to comment.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
A deal with GIP would mark yet another step in Eni Chief Executive Officer Claudio Descalzi’s push to spin off units to reduce risk while retaining a stake — what the company calls a satellite model. Last month, Eni agreed to sell 20% of its renewable arm Plenitude to Ares Alternative Credit Management for about €2 billion, its second sale of a stake in the unit.
Article content
The assets that will be under the new business are set to include the HyNet North West and Bacton Thames NetZero projects in the UK and the L10CCS project in the Netherlands, according to the people. CCUS Holding could be expanded at a later stage, with the right to acquire a project in Ravenna, Italy, and also add other storage projects, said the people.
Article content
CCS is one of the oil industry’s favored ways to improve its carbon footprint because it provides a way to cut net emissions without forcing companies to slash fossil-fuel production. But it’s costly and largely unproven to be effective at the vast scale needed to reach net zero.
Article content
—With assistance from Swetha Gopinath.
Article content
Advertisement 1
English (US)