Occidental Petroleum, BlackRock to Form Joint Venture for Direct Air Capture Facility
08 November 2023 - 9:28AM
Dow Jones News
By Denny Jacob
Occidental Petroleum and BlackRock will form a joint venture to
develop Stratos, a direct air capture facility.
Oil-and-gas producer Occidental said BlackRock signed an
agreement to form a joint venture with Occidental through its
subsidiary 1PointFive that will own Stratos. The asset manager will
invest $550 million on behalf of its clients in the development of
Stratos.
Construction activities on Stratos are about 30% complete and
the facility is expected to be commercially operation in
mid-2025.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
November 07, 2023 17:13 ET (22:13 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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