Exxon Mobil ( NYSE: XOM ) and Japanese firms Mitsubishi ( OTCPK:MSBHF ) and Nippon Steel ( OTCPK:NISTF ) said Thursday they will jointly study the potential development of a carbon capture and storage project .
The three companies signed a memorandum of understanding to begin discussions toward building value chains for overseas underground storage of carbon dioxide emitted by Japanese steel plants and evaluate the necessary infrastructure development required.
Nippon Steel ( OTCPK:NISTF ) would capture carbon emissions from its local steel mills for underground storage at facilities linked to Exxon ( XOM ) in countries including Australia, Malaysia and Indonesia, while Mitsubishi ( OTCPK:MSBHF ) would handle transportation, such as by shipping liquefied carbon dioxide to depleted gas fields and other storage sites using specialized vessels.
Exxon Mobil ( XOM ), whose shares trade at about a dollar from an all-time high, is "a bull trap ahead of Q4 earnings," The Asian Investor writes in an analysis posted recently on Seeking Alpha .
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Exxon, Mitsubishi, Nippon Steel to study Asian carbon capture project