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.
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