Occidental signs deal to buy Carbon Engineering for US$1.1 billion

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.