Oct. 15 (Bloomberg) -- Petroliam Nasional Bhd., the Malaysian state oil company known as Petronas, agreed to work with LanzaTech NZ Ltd. on a project to produce a petrochemical from waste gases.
The companies will work on a technology to convert carbon monoxide and carbon dioxide emitted by refineries and natural gas wells into acetic acid, a raw material used to make polymers and plastics, LanzaTech said in an e-mailed statement today.
Unlike carbon-capture projects which seek to trap CO2 emissions for permanent storage underground, this technology would allow companies to earn revenue from selling acetic acid and also comply with emission-reduction requirements, according to the statement.
Petronas’ venture unit was one of the investors in a Series C funding round that raised $55.8 million in January for LanzaTech. Auckland-based LanzaTech is backed by Vinod Khosla, the venture capitalist with a net worth estimated by Forbes of $1.4 billion.
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