BlackRock Invests $550 Million in Occidental Carbon Capture
- BlackRock, Oxy to take joint ownership of Stratos carbon plant
- Plant will be biggest globally to pull carbon out of the air
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BlackRock Inc. will invest $550 million of client money into Occidental Petroleum Corp.’s Stratos project, which will be the world’s largest plant capturing carbon dioxide directly from the air.
BlackRock’s diversified infrastructure business signed an agreement through one of its funds to form a joint venture with Occidental’s 1PointFive subsidiary that will own Stratos, the companies said Tuesday. Occidental shares climbed as much as 1.7% in after-hours trading.