{"id":1686988,"date":"2022-10-12T16:06:23","date_gmt":"2022-10-12T20:06:23","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1686988"},"modified":"2022-10-12T16:06:31","modified_gmt":"2022-10-12T20:06:31","slug":"exxon-signs-with-top-ammonia-maker-as-its-first-client-for-decarbonization-business","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exxon-signs-with-top-ammonia-maker-as-its-first-client-for-decarbonization-business\/","title":{"rendered":"Exxon signs with top ammonia maker as its first client for decarbonization business"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fexxon-signs-with-top-ammonia-maker-as-its-first-client-for-decarbonization-business%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1686988&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Sabrina Valle<\/p>\n<p>HOUSTON (Reuters) \u2013     Exxon Mobil Corp\u2019s fledging low carbon energy business on Wednesday struck its first commercial carbon storage deal under an effort to target a projected multi-trillion market by 2050.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>The agreement with the world\u2019s top manufacturer of ammonia CF Industries Holdings to bury carbon dioxide (CO2) at an Exxon site in Louisiana kicks off an unusual business for the oil giant: making money from burying gases for companies looking to reduce their own atmospheric emissions.<\/p>\n<p>Exxon says it will transport and store underground 2 million metric tons of CO2 per year produced starting in 2025, when CF Industries opens a $200 million CO2 compression facility in Louisiana to process emissions from its ammonia production. <\/p>\n<p>The deal is \u201ca milestone\u201d for Exxon\u2019s division started in February 2021, said Dan Ammann, the former General Motors president who runs Exxon\u2019s Low Carbon Solutions unit. He declined to comment on financial terms of the deal with CF Industries. <\/p>\n<p>\u201cWe see a tremendous opportunity to build a new business,\u201d   Ammann told Reuters. <\/p>\n<p>The volumes of carbon dioxide that CF and Exxon could prevent from going to the atmosphere annually will be the equivalent of switching 700,000 gasoline-powered cars to electric vehicles (EV), Ammann said.<\/p>\n<p>Exxon signed a parallel agreement to use Enlink Midstream\u2019s network to transport the CO2 to the storage site. <\/p>\n<p>While critics view carbon sequestration as greenwashing by polluters, Exxon says the business can achieve double-digit percentage returns while limiting planet-warming gases. <\/p>\n<p>Exxon\u2019s energy transition strategy is focused on curbing CO2 while increasing its oil and gas production \u2013 unlike European firms charting paths away from fossil fuels and toward renewable solar and wind power. <\/p>\n<p>The hydrocarbon-focused strategy and this year\u2019s surge in oil and gas prices have helped Exxon shares rise about 60% year to date, far ahead of Shell Plc and BP\u2019s.<\/p>\n<p>The Louisiana initiative is part of the company\u2019s planned $15 billion investment by 2027 in low carbon operations. About $9 billion of that will go toward reducing emissions at its own sites, with the remainder to carbon capture, hydrogen and biofuels.<\/p>\n<p> (Reporting by Sabrina Valle; Editing by Marguerita Choy)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/exxon-signs-with-top\/attachment\/file-photo-signage-is-seen-at-an-exxon-gas-station\/\"><img decoding=\"async\" src=\"https:\/\/c3.oann.com\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2022binary_LYNXMPEI9B10T-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI9B10T-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Sabrina Valle HOUSTON (Reuters) \u2013 Exxon Mobil Corp\u2019s fledging low carbon energy business on Wednesday struck its first commercial carbon storage deal under an effort to target a projected<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1686988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1686988","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1686988"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1686988\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1686988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1686988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1686988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}