Pushing Boundaries: Occidental & ADNOC Begin Preliminary Engineering Study For Direct Air Capture Facility In The UAE
Portfolio Pulse from Lekha Gupta
Occidental Petroleum Corp's subsidiary 1PointFive and ADNOC have begun a jointly funded preliminary engineering study for a 1 million tonne-per-year Direct Air Capture (DAC) facility in the UAE. This follows a memorandum of understanding signed on August 1, 2023, which is expected to mobilize $100 billion in clean energy and carbon management projects by 2035. If approved, the UAE project will connect to ADNOC's CO2 infrastructure in Abu Dhabi for injection and permanent storage into saline reservoirs.
October 03, 2023 | 11:34 am
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NEUTRAL IMPACT
Occidental Petroleum's partnership with ADNOC for a DAC facility in the UAE could potentially enhance its clean energy portfolio and contribute to its net-zero targets. However, the project is still in the preliminary stages and its impact on the company's financials is yet to be determined.
The partnership with ADNOC for a DAC facility in the UAE is a strategic move for Occidental Petroleum towards achieving its net-zero targets. However, the project is still in the preliminary stages and its financial impact is yet to be determined. Therefore, the short-term impact on the company's stock price is neutral.
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