Occidental Subsidiary 1PointFive And ADNOC Collaborate To Commence Preliminary Engineering Study Of A Direct Air Capture Facility In The UAE
Portfolio Pulse from Benzinga Newsdesk
Occidental Petroleum's subsidiary, 1PointFive, and the Abu Dhabi National Oil Company (ADNOC) have agreed to conduct a preliminary engineering study for a Direct Air Capture (DAC) facility in the UAE. The collaboration aims to advance carbon capture, utilization, and storage technologies.
October 03, 2023 | 7:02 am
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Occidental Petroleum's subsidiary, 1PointFive, is partnering with ADNOC to study the feasibility of a Direct Air Capture facility in the UAE. This could enhance OXY's reputation in carbon capture technology.
The news of the partnership between Occidental's subsidiary and ADNOC for a DAC facility in the UAE is directly relevant to OXY. If successful, this could enhance OXY's reputation in carbon capture technology, potentially leading to more partnerships and projects, which could positively impact its stock price in the short term.
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