Published August 16, 2023 at 9:50 a.m. ET
HOUSTON — Occidental Petroleum Corp. signed an agreement to buy Canadian company Carbon Engineering Ltd. for 1.1 billion US dollars.
The company worked with Carbon Engineering on its direct air capture technology, used to capture carbon dioxide from the atmosphere.
Occidental announced last week that it had been selected to receive a U.S. government grant to develop a factory in Texas designed to use the technology.
Upon closing, Carbon Engineering will become a wholly owned subsidiary of Oxy Low Carbon Ventures.
Carbon Engineering’s research and development activities and innovation center will remain in Squamish, British Columbia.
The transaction is expected to close before the end of the year, subject to court and regulatory approvals and other customary closing conditions.
This report by The Canadian Press was first published August 16, 2023.
