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Chevron (CVX), Others to Develop CCUS Solutions in Singapore

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Chevron Corporation (CVX - Free Report) announced that a consortium consisting of Air Liquide, Keppel Infrastructure, PetroChina and CVX has signed a memorandum of understanding to assess and develop large-scale carbon capture, utilization and sequestration (CCUS) solutions and integrated infrastructure in the Southeast Asian country of Singapore.

Through the consortium, the firms plan to research, test and develop technological, logistical and operational solutions for CCUS in the country, predominantly to support the energy and chemical sector. This will be done by capturing and aggregating carbon dioxide (CO2) from large industrial emitters in a centralized collection facility.

Moreover, the companies stated that the CO2 could be used to make plastics, fuels and cement and/or transported through either pipelines or ships to appropriate reservoirs in the Asia Pacific region for sequestration.

Chris Powers, vice president, CCUS, Chevron New Energies, mentioned that his firm believes that lower carbon is the future of energy and that CVX is committed to advancing technologies and forming strategic relationships to make low carbon a reality. “We look forward to working with like-minded collaborators to progress and advance the development of large-scale CCUS solutions in the Asia Pacific region for decades to come,” he added.

Chevron is one of the largest publicly traded oil and gas companies in the world with operations spanning worldwide. The only energy component of the Dow Jones Industrial Average, Chevron is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing.

Chevron currently has a Zacks Rank #2 (Buy). Some other top-ranked stocks from the energy space that warrant a look include EnLink Midstream (ENLC - Free Report) , NexTier Oilfield Solutions (NEX - Free Report) and PBF Energy (PBF - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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