ExxonMobil has announced a new carbon capture agreement with Nucor Corp., a major steel producer in the USA. Under the deal, ExxonMobil will store 800,000 metric tons per annum (mtpa) of carbon dioxide (CO2) emitted by Nucor. This brings ExxonMobil's total carbon capture commitments with industry customers to five million mtpa. The agreement is related to Nucor's direct reduced iron manufacturing plant project in Louisiana, set to begin operations in 2026.
This is ExxonMobil's third carbon capture agreement, following previous deals with Linde PLC and CF Industries Holdings Inc. In April, ExxonMobil partnered with Linde PLC to transport and store up to 2.2 million mtpa of CO2 emissions from Linde's hydrogen production facility in Texas. The agreement with CF Industries involves storing up to two million mtpa of CO2 emissions from their plant in Louisiana.
According to ExxonMobil, these agreements demonstrate their commitment to helping accelerate the world's path to net zero emissions and building a new low carbon business. The deal with Nucor brings the total CO2 ExxonMobil will transport and store for third-party customers to five million metric tons per year, which is equivalent to replacing approximately two million gasoline-powered cars with electric vehicles.
ExxonMobil's carbon capture infrastructure will be utilized for both the Nucor and CF Industries agreements. The company aims to focus on low carbon solutions for challenging sectors like heavy industry, commercial transportation, and power generation, which account for 80% of global energy-related CO2 emissions.
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