Occidental Petroleum partners with ADNOC to develop Texas air capture facility

From Yahoo Finance: 2025-05-18 19:18:00

Occidental Petroleum Corporation (NYSE:OXY) has partnered with UAE’s ADNOC to develop a direct air capture facility in South Texas. The joint venture could see ADNOC investing up to $500 million for the project, aiming to capture 500,000 tons of CO2 annually. This collaboration builds on their commitment to carbon capture initiatives.

The agreement was signed during President Trump’s recent visit to the UAE, where the Gulf nation announced plans to increase energy investments in the U.S. to $440 billion over the next decade. Occidental Petroleum Corporation’s CEO, Vicki Hollub, expressed pride in advancing the partnership with ADNOC and XRG for the South Texas DAC Hub. This technology is seen as a key player in supporting U.S. energy independence and global sustainability goals.

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Read more at Yahoo Finance: Occidental Petroleum Corporation (OXY) Joins Hands with ADNOC to Develop Texas Direct Air Capture Hub