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Occidental and ADNOC announce strategic collaboration

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Occidental and ADNOC have announced a strategic collaboration to evaluate investment opportunities in Direct Air Capture facilities and carbon dioxide sequestration hubs in the United States and the United Arab Emirates. The aim of this collaboration is to accelerate the net-zero goals of both companies by developing carbon management platforms.

Under the Memorandum of Understanding, ADNOC will assess participation in DAC plants and CO2 sequestration hubs being developed by Occidental subsidiary, 1PointFive, in the United States. Additionally, the companies will consider jointly developing CO2 sequestration hubs in the UAE and conducting feasibility studies for a 1 million tonne-per-year DAC plant. These initiatives will provide emissions reduction solutions for carbon-intensive industrial emitters and other hard-to-abate sectors in the UAE, including aviation and maritime operations.

The collaboration will also explore opportunities to incorporate CO2-based technologies, such as emissions-free power and sustainable fuels, in the UAE. This aligns with the UAE-US Partnership for Accelerating Clean Energy, which aims to mobilize $100 billion in clean energy and carbon management projects, including carbon capture and DAC, by 2035.

The collaboration between Occidental and ADNOC demonstrates their commitment to developing carbon solutions and establishing a global net-zero ecosystem. It is enabled by the UAE-US Partnership for Accelerating Clean Energy and has the potential to drive innovative climate technologies and decarbonize the energy sector.

1PointFive, a subsidiary of Occidental, is currently constructing the world’s largest DAC plant, named STRATOS, in Texas. The plant is expected to capture up to 500,000 tonnes of CO2 annually. The DAC plant being evaluated in the UAE could be the first megaton-scale facility of its kind outside of the United States, using the same technology provided by Carbon Engineering.

Overall, this collaboration aims to accelerate the development and deployment of carbon management projects, contributing to the global efforts to achieve net-zero emissions.

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