Occidental signs deal to buy Carbon Engineering for US$1.1 billion

HOUSTON –

Occidental Petroleum Corp. has signed a deal to purchase Canadian firm Carbon Engineering Ltd. for US$1.1 billion.

The firm has been working with Carbon Engineering on its direct air seize know-how, which is used to seize carbon dioxide from the ambiance.

Occidental introduced final week that it was chosen to obtain a U.S. authorities grant for the event of a plant in Texas that’s designed to make use of the know-how.

Upon closing, Carbon Engineering will change into an entirely owned subsidiary of Oxy Low Carbon Ventures.

Carbon Engineering’s analysis and growth actions and innovation centre will stay in Squamish, B.C.

The deal is anticipated to shut earlier than the tip of the yr, topic to court docket and regulatory approvals in addition to different customary closing situations.

This report by The Canadian Press was first printed Aug. 16, 2023.