Occidental signs deal to buy Carbon Engineering for US$1.1 billion
BNN Bloomberg
Occidental Petroleum has signed a deal to buy Canadian company Carbon Engineering 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.
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Global benchmarks mostly rebounded Tuesday, in a mood of cautious relief after U.S. President Donald Trump said the United States has talked with Iran about a possible end to their war.
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U.S. President Donald Trump on Monday said the U.S. was talking with a “respected” Iranian leader and claimed the Islamic Republic was eager for a deal to end the war. He also extended a deadline for Iran to reopen the crucial Strait of Hormuz or face attacks on its power plants, saying it has an additional five days.
Berkshire Hathaway, the conglomerate built by Warren Buffett, is buying a 2.49 per cent stake in Japanese insurer Tokio Marine Holdings for about US$1.8 billion as part of a new strategic partnership, deepening its financial commitment to Japan.
Relief is ripping through financial markets after U.S. President Donald Trump said the United States has talked with Iran about a possible end to their war, despite Iran’s denials.
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