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.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。