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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