Occidental Petroleum Corporation's (OXY.US) largest carbon capture factory in the world has obtained its first permit from the US Environmental Protection Agency (EPA).

Occidental Petroleum Corporation (OXY.US) and its subsidiary, 1PointFive, announced on Monday that they have received approval from the U.S. Environmental Protection Agency (EPA) to sequester carbon dioxide directly from the DAC facility at STRATOS in Texas. This is the first project to receive a permit for carbon dioxide sequestration from a DAC project. Occidental Petroleum Corporation stated that the permit was issued under the Safe Drinking Water Act Underground Injection Control Program and is a critical component of their plan to safely and permanently store the captured carbon dioxide underground in geological formations over a mile deep. STRATOS is designed to capture up to 500,000 tons of carbon dioxide per year, making it the largest DAC facility in the world, with commercial operations planned to begin in 2025. The facility is a joint venture between Occidental Petroleum Corporation's 1PointFive division and asset management company BlackRock, Inc. (BLK.US). Vicki Hollub, President and CEO of Occidental Petroleum Corporation, stated that the Class VI permit is a "catalyst for unlocking the value of carbon dioxide, and advancing direct air capture technology as a solution to help companies address emissions challenges or produce essential resources and fuels."