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Occidental and ADNOC’s XRG Agree to Evaluate Joint Venture to Develop South Texas Direct Air Capture Hub
OXYOXY(OXY) Globenewswire·2025-05-16 21:00

XRG to consider investing up to 500millionforthedevelopmentof1PointFive’s500,000tonne−capacityDACfacilityHOUSTON,May16,2025(GLOBENEWSWIRE)−−Occidental(NYSE:OXY)anditssubsidiary1PointFivetodayannouncedanagreementwithXRG,ADNOC’sinvestmentcompany,toevaluateapotentialjointventuretodevelopaDirectAirCapture(DAC)facilityinSouthTexas.Aspartofthejointventure,XRGwillconsiderinvestingupto500 million for the development of 1PointFive’s 500,000 tonne-capacity DAC facilityHOUSTON, May 16, 2025 (GLOBE NEWSWIRE) -- Occidental (NYSE: OXY) and its subsidiary 1PointFive today announced an agreement with XRG, ADNOC’s investment company, to evaluate a potential joint venture to develop a Direct Air Capture (DAC) facility in South Texas. As part of the joint venture, XRG will consider investing up to 500 million for the development of a DAC facility designed to captur ...