Japanese conglomerate Marubeni has finalized an agreement to acquire a 50% stake in a carbon capture and storage (CCS) project being developed by Ozona CCS in South Texas.
The project will focus on capturing carbon dioxide (CO2) emissions from multiple gas production and processing plants in the region, transporting the captured CO2 via dedicated pipelines and storing it in saline aquifers around 2 to 3 km underground. The partners aim to store 200,000 tons of CO2 every year from 2026.
Marubeni said last month the project will be one of the first commercial CCS hubs in the United States.
While the total value of Marubeni’s stake was not disclosed, Nikkei Asia reported it to be around $6.95 million, with the trading house classifying the joint venture as an equity method affiliate.
In line with its corporate governance, Marubeni’s investment in Ozona CCS enables it to reduce carbon emissions from natural gas processing plants while potentially capitalizing on the growing market for carbon capture technologies.
The global carbon capture market is predicted to be worth $16.5 billion by 2031. Such initiatives are pivotal for achieving carbon neutrality by 2050. The new partnership will also help industries meet emissions targets that may not be achievable through renewable energy transitions alone.
