BAKU, Azerbaijan, October 4. Azerbaijan's Minister of Economy Mikayil Jabbarov and SOCAR President Rovshan Najaf met with a member of the board and CEO of the Italian company Technip Energies, Marco Villa, Trend reports via the ministry.
During the meeting, officials underscored the need of active collaboration with foreign companies to convert Azerbaijan, abundant in renewable energy resources, into a center for green growth and sustainable development. They emphasized the importance of utilizing global skills and contemporary technologies to harness the country's inherent potential. The parties were also furnished with information concerning current projects in Azerbaijan focused on green energy production.
The parties discussed moving towards low-carbon business solutions and looked into exciting new ways to work together.
As a result of the meeting, agreements were signed between SOCAR Downstream Management, the Azerbaijan Investment Company, and Technip Energies S.p.A. to establish a joint venture focused on producing pyrolysis oil from plastic waste.
This project, valued at €97 million, is all about improving waste recycling, enhancing industrial production, and reducing carbon emissions. It will help make better use of the country's natural resources by diversifying and enhancing the sustainability of industrial products. The plant being set up in the Sumgayit chemical industrial park is anticipated to generate 23,000 tons of pyrolysis oil each year from 36,000 tons of plastic.
The project’s share distribution is as follows: the Azerbaijan Investment Company (30 percent), Technip Energies (35 percent), and SOCAR (35 percent).
The project’s presentation, "Production of pyrolysis oil from plastic waste," outlined how the technology will process plastic waste through high-temperature decomposition, lowering the carbon footprint by reducing emissions and producing alternative fuel.
Technip Energies boasts over 60 years of experience and employs more than 15,000 people across 34 countries, specializing in sustainable fuels, chemicals, waste recycling, gas, low-carbon energy, innovative technologies, and carbon-free solutions.
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