Occidental and ADNOC's XRG Announce Plans for $500 Million Direct Air Capture Facility in South Texas
Occidental Petroleum Corporation $(OXY)$ and its subsidiary 1PointFive have announced an agreement with XRG, ADNOC's investment company, to evaluate a potential joint venture for developing a Direct Air Capture $(DAC)$ facility in South Texas. The proposed DAC facility aims to capture 500,000 tonnes of carbon dioxide annually, with XRG considering an investment of up to $500 million. This initiative follows Occidental's progress on its first DAC facility in West Texas and an award from the U.S. Department of Energy of up to $650 million to support the South Texas DAC Hub. The project is part of a broader collaboration between Occidental and ADNOC on carbon capture, utilization, and storage projects in the U.S. and UAE, reinforcing their commitment to sustainable energy solutions.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. OXY - Occidental Petroleum Corporation published the original content used to generate this news brief via GlobeNewswire (Ref. ID: GNW9453134-en) on May 16, 2025, and is solely responsible for the information contained therein.
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