Letter on carbon: Capturing the value of CCUS
Eni’s CCUS deal with BlackRock’s Global Infrastructure Partners reflects a growing belief among big investors in the CCUS growth story
Italian energy company Eni has entered into exclusive talks to sell 49.99% of its rapidly growing CCUS business unit to Global Infrastructure Partners (GIP), part of world-leading asset manager BlackRock. The deal with GIP, assuming it is finalised, reflects confidence in Eni’s strategy as well as a warming of investor sentiment towards CCUS. This new optimism should not be overstated, as the risks surrounding this highly capital intensive and operationally expensive business remain. Risks include stop-start government policy and regulation, potential safety issues with storage, opposition by the general public and uncertainty over future carbon pricing. The need to align the development of
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