(Houston) The American oil and gas company Occidental Petroleum has signed an agreement to buy the Canadian company Carbon Engineering for 1.1 billionUS.
The company worked with Carbon Engineering on its direct air capture technology, which is used to capture carbon dioxide from the atmosphere.
Occidental announced last week that it had been selected to receive a US government grant to develop a factory in Texas designed to use this technology.
Upon closing of the transaction, 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.
