Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices 
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Oil Prices Slip as U.S.-Iran Talks Ease Middle East Tensions 
Nikkei 225 Hits Record High Above 56,000 After Japan Election Boosts Market Confidence 
Russian Stocks End Mixed as MOEX Index Closes Flat Amid Commodity Strength 
India–U.S. Interim Trade Pact Cuts Auto Tariffs but Leaves Tesla Out 
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal 
Anta Sports Expands Global Footprint With Strategic Puma Stake 
SpaceX Pivots Toward Moon City as Musk Reframes Long-Term Space Vision 
Indian Refiners Scale Back Russian Oil Imports as U.S.-India Trade Deal Advances 
Asian Currencies Stay Rangebound as Yen Firms on Intervention Talk 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Occidental Petroleum, or OXY, an American oil and gas company, announced it will buy the Canadian startup that provides carbon capture technology, Carbon Engineering. OXY is acquiring the company in cash worth $1.1 billion.
On Tuesday, Aug. 15, Occidental Petroleum confirmed its acquisition plans for Carbon Engineering. OXY aims to use the company’s direct air capture (DAC) technology, which uses chemical reactions to eliminate carbon dioxide from the air, which can be kept reserved underground or used in products like aviation fuel or concrete.
According to Reuters, DAC is considered an effective instrument in neutralizing greenhouse gas emissions when distributed at an industrial scale. It was mentioned that Occidental Petroleum and Carbon Engineering are already acquainted prior to the acquisition.
It was revealed that the two companies have been working together on DAC deployment since 2019. The two sides expect their deal to be completed before this year ends and still subject to reviews by the Canadian court and regulatory approvals from both the U.S. and Canada.
“We expect the acquisition of Carbon Engineering to deliver our shareholders value through an improved drive for technology innovation and accelerated DAC cost reductions,” Vicki Hollub, the president of Occidental Petroleum, said in a press release. “The technology partnership also adds new revenue streams in the form of technology licensing and royalties.”
She added, “Importantly, the acquisition enables Occidental to catalyze broader development partnerships for DAC deployment in the most capital-efficient and valuable way. We look forward to continuing our collaboration with the Carbon Engineering team, which has been a leader in pioneering and advancing DAC technology.”
Finally, Hollub said that Occidental Petroleum and Carbon Engineering will scale up their plans for the deployment of the DAC technology worldwide. The aim is to make DAC the preferred solution for companies that are looking to eliminate “hard-to-abate emissions” and help with climate change efforts.
Photo by: OXY Press Release
