Occidental and ADNOC will evaluate investment opportunities in Direct Air Capture (DAC) infrastructure and CO2 sequestration hubs in the US and the United Arab Emirates (UAE).
Under the terms of the memorandum of understanding (MOU), ADNOC may evaluate participation in DAC plants and CO2 sequestration hubs under development in the US by Occidental subsidiary, 1PointFive. Occidental and ADNOC and may also evaluate jointly developing one or more UAE-located CO2 sequestration hubs and consider beginning feasibility and pre-front-end engineering and design studies for a 1 million tonne/year (tpy) DAC plant, which together would provide emissions reduction solutions for carbon-intensive industrial emitters and other hard-to-abate sectors within the UAE, including aviation and maritime operations.
The companies will also consider opportunities to incorporate CO2-based technologies into the UAE, which includes technologies in which Occidental has made investments, such as emissions-free power and sustainable fuels.
The agreement is enabled by the UAE-US Partnership for Accelerating Clean Energy (PACE), which was launched in November 2022 and is expected to mobilize $100 billion in clean energy and carbon management projects, including CCS and DAC by 2035.
1PointFive is currently constructing Stratos, expected to be the world’s largest DAC plant, in Texas. Using technology provided by Canada-based Carbon Engineering, Stratos is designed to capture up to 500,000 tpy of CO2 from the atmosphere when fully operational.