<div>
  <ul>
    <li>
      <p>
        1PointFive, a DAC joint venture between Oxy Low Carbon Ventures and Rasheen Capital Management, has partnered with ADNOC, an Abu Dhabi energy and petrochemicals group, to conduct a preliminary engineering study for a Direct Air Capture (DAC) facility in the UAE. The partnership aims to capture one million tons of CO2 per year through the proposed facility.
      </p>
    </li>
    <li>
      <p>
        The study will assess the feasibility of building a DAC facility in the UAE using Carbon Engineering&rsquo;s CO2 extraction technology that was also deployed in 1PointFive&rsquo;s 
        <a href="https://sp-edge.com/updates/14178">
          plant
        </a>
         in Texas. ADNOC expects to permanently sequester the captured CO2 into saline reservoirs not used for oil and gas production.
      </p>
    </li>
    <li>
      <p>
        The study is a result of the Memorandum of Understanding (MOU) the companies signed in August 2023 to jointly explore CCUS projects in the US and UAE.
      </p>
    </li>
    <li>
      <p>
        The agreement also seeks opportunities to incorporate novel CO2-based technologies into the UAE, such as emissions-free power and sustainable fuels.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://www.globenewswire.com/news-release/2023/10/03/2753276/0/en/Occidental-and-ADNOC-to-commence-preliminary-engineering-study-of-a-Direct-Air-Capture-facility-in-the-UAE.html">
      Press release&nbsp;
    </a>
  </p>
  <p>
  </p>
</div>


Carbon Capture, Utilization & Storage (CCUS)

DAC joint venture 1PointFive, formed by Oxy Low Carbon Ventures and Rasheen Capital Management, is partnering with ADNOC to conduct an engineering study for a Direct Air Capture (DAC) facility in the UAE. The goal is to capture one million tons of CO2 annually through the facility using Carbon Engineering's technology. ADNOC plans to permanently store the captured CO2 in saline reservoirs not used for oil and gas production. This partnership is a result of a Memorandum of Understanding signed in August 2023 to explore CCUS projects and innovative CO2-based technologies in the US and UAE.

1PointFive and ADNOC partner for DAC facility in UAE

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