Oct 28 (Reuters) - Enterprise Products Partners (EPD.N) , opens new tab agreed to develop a CO2 transportation network to support carbon capture firm 1PointFive's hub in southeast Texas to carry emissions captured by third parties for sequestration, the companies said on Monday.

The network, part of Occidental's (OXY.N) , opens new tab 1PointFive initiative, will transport emissions from facilities near the Houston Ship Channel to Bluebonnet Sequestration Hub.

Earlier this month, the Bluebonnet and Magnolia Sequestration Hubs were awarded $36 million in funding from the U.S. Department of Energy.

Earlier this year, 1PointFive entered into agreements with tech giant Microsoft (MSFT.O) , opens new tab and telecom company AT&T (T.N) , opens new tab to sell carbon dioxide removal (CDR) credits.

Carbon credits are tradable permits that allow the owner to emit certain amounts of greenhouse gases. Each credit permits the emission of one metric ton of carbon dioxide or the equivalent of other greenhouse gases.

Sign up here.

https://www.reuters.com/business/energy/enterprise-products-develop-pipeline-network-occidentals-1pointfive-2024-10-28/