Occidental Petroleum Corp. has signed a deal to buy Canadian company Carbon Engineering Ltd. for US$1.1 billion.
The company has been working 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 was selected to receive a U.S. government grant for the development of a plant in Texas that is 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 centre will remain in Squamish, B.C.
The deal is expected to close before the end of the year, subject to court and regulatory approvals as well as other customary closing conditions.
This report by The Canadian Press was first published Aug. 16, 2023.
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