ExxonMobil's Landmark Deal Enhances Its Ability to Capture This $4 Trillion Opportunity
ExxonMobil (NYSE: XOM) believes carbon capture and sequestration (CCS) -- a process that captures carbon dioxide and stores it in underground formations -- will play a key role in reducing global emissions. That's leading the company to invest heavily to build out its CCS capabilities. It estimates that the global CCS market could reach as much as $4 trillion by 2050.
The oil giant recently unveiled the largest-of-its-kind commercial agreement to capture and permanently store carbon dioxide in Louisiana. The landmark project could serve as a blueprint for future deals, putting Exxon in an excellent strategic position to capitalize on this potentially massive market opportunity.
ExxonMobil inked an agreement to capture and permanently store up to 2 million tons of carbon dioxide emissions annually from a manufacturing complex in Louisiana operated by hydrogen and nitrogen products-maker CF Industries (NYSE: CF). That represents the largest commercial agreement for carbon capture and storage.
Source Fool.com
