Occidental and its subsidiary 1PointFive announced an agreement with XRG, ADNOC’s investment company, to evaluate a potential joint venture to develop a Direct Air Capture 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 capture 500,000 tonnes of carbon dioxide per year. The Strategic DAC Framework Agreement was signed by Occidental President and CEO Vicki Hollub and ADNOC Group CEO Dr. Sultan Ahmed Al Jaber, during U.S. President Donald J. Trump’s state visit to the United Arab Emirates.
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