Minister of Economy of Azerbaijan Mikail Jabbarov and President of SOCAR Rovshan Najaf met with a member of the board and CEO of the Italian company Technip Energies Marco Villa.
This was reported by the Ministry of Economy, Day.Az reports on Friday.
At the meeting, active cooperation with foreign companies was noted with the aim of transforming our country, which has renewable energy resources, into a space of “green growth” and sustainable development, the importance of using international experience and modern technologies in realizing the existing potential. Information was presented on projects implemented in Azerbaijan with international partners in the direction of producing “green” energy.
The parties exchanged views on the transition to low-carbon business solutions and new prospects for cooperation.
During the meeting, agreements were signed between SOCAR Downstream Management LLC, Azerbaijan Investment Company OJSC and the Italian company Technip Energies SpA, an agreement was signed on the creation of a joint venture “Production of pyrolysis oil from plastic waste” (“green” project) and an Agreement about the participants.
The €97 million project will contribute to efficient waste management, improved industrial production and reduced carbon emissions. At the same time, it will ensure more efficient use of the country’s natural resources by increasing the diversity and sustainability of industrial products. The plant, which will be built on the territory of the Sumgayit Chemical Industrial Park, will produce 23,000 tons of pyrolysis oil from 36,000 tons of plastic per year. The companies’ share of participation in the project is: “Azerbaijan Investment Company” – 30%, “Technip Energies SpA” – 35%, “SOCAR” – 35%.
At the event, a presentation of the project “Production of pyrolysis oil from plastic waste” was presented. The pyrolysis oil technology that will be used in the project involves the processing of plastic waste by breaking it down at high temperatures. It reduces the carbon footprint by reducing emissions and producing alternative fuels.
It should be noted that Technip Energies, with 60 years of experience and more than 15 thousand employees, operates in 34 countries in the field of sustainable fuels, chemistry, waste recycling, gas and low-carbon energy, innovative technologies, and carbon-free solutions.