Occidental Petroleum Corp's (NYSE: OXY) subsidiary 1PointFive inked a deal with ADNOC to start a jointly funded preliminary engineering study for a 1 million tonne-per-year Direct Air Capture (DAC) facility in the UAE.
The study will evaluate the feasibility of building the first megaton-scale DAC facility outside the U.S. using the same CO2 extraction technology to be deployed in constructing plant 1PointFive in Texas.
The Texas facility, named Stratos and developed to include DAC technology by Canada-based Carbon Engineering, is anticipated to capture up to 500,000 tonnes of CO2 annually when fully operational.
Since the companies signed a memorandum of understanding (MOU) on ...