Eni weighs fund backing for FLNG assets in EUR1 billion deal

(Alliance News) - Eni Spa has mandated Morgan Stanley to assist in seeking capital from investment firms such as Apollo, KKR, and Stonepeak, as part of a potential deal backed by its floating liquefied natural gas (FLNG) assets.

Reuters reported the news on Tuesday in an article by Francesca Landini and Elvira Pollina, citing three sources familiar with the matter.

Discussions between the Italian energy major and the funds are said to be at a preliminary stage, and there is no certainty that a transaction will be finalized, the sources noted.

However, one of the individuals consulted indicated that a potential deal could generate at least EUR1 billion for Eni.

The proposed structure involves an infrastructure fund providing upfront liquidity into a dedicated corporate vehicle, which would be entitled to receive payments derived from the FLNG assets. The move aligns with the group's broader strategy of attracting capital from infrastructure funds to free up resources for new projects.

Eni possesses extensive expertise in the construction and operation of floating gas liquefaction units, including three operational FLNG plants off the coasts of Mozambique and Congo, which process and liquefy gas extracted from offshore fields for export to international markets.

The group also plans to deploy an additional platform in Mozambique, a project with an estimated cost exceeding USD7 billion, and two further units in Argentina on behalf of the state oil company YPF by 2030, Reuters explained.

According to one source, the assets at the center of the negotiations would offer investors exposure to Africa and other regions outside the Middle East, providing diversification from a region still impacted by the repercussions of the Iranian conflict.

Apollo, Eni, KKR, Morgan Stanley, and Stonepeak declined to comment.

Eni shares were up 0.6% at EUR23.60 per share.

By Antonio Di Giorgio, Alliance News reporter

Comments and questions to [e-mail]

Copyright 2026 Alliance News IS Italian Service Ltd. All rights reserved.