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Stuart Penson
2 June 2023
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ExxonMobil signs CCS deal with steelmaker Nucor

Oil major sees CCS for third parties as a ‘compelling’ business as latest contract takes total portfolio to 5mn t/yr

ExxonMobil has signed a CCS deal with Nucor, one of North America’s largest steelmakers, in the latest sign that it sees carbon management for third-party emitters as a potentially lucrative business. The US oil major has agreed to capture, transport and store up to 800,000t/yr of CO₂ from Nucor’s direct reduced iron plant in Convent, Louisiana. The project is expected to start up in 2026. The deal takes ExxonMobil’s total CCS agreements with third parties to 5mn t/yr and marks its first contract with a hard-to-abate emitter. 800,000t/yr – Capacity of Nucor project “Our agreement with Nucor is the latest example of how we are delivering on our mission to help accelerate the world's p

Also in this section
China eyes global collaboration on CCUS
22 July 2025
Sinopec hosts launch of global sharing platform as Beijing looks to draw on international investors and expertise
Nigeria bids to unlock carbon market billions
22 July 2025
Africa’s most populous nation puts cap-and-trade and voluntary markets at the centre of its emerging strategy to achieve net zero by 2060
EU’s binding CCS targets: A burden or a blessing?
17 July 2025
Oil and gas companies will face penalties if they fail to reach the EU’s binding CO₂ injection targets for 2030, but they could also risk building underused and unprofitable CCS infrastructure
Brazil eyes leadership role in global carbon market
9 July 2025
Latin American country plans a cap-and-trade system and supports the scale-up of CCS as it prepares to host COP30

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