An agreement was signed with the Italian company "Technip Energies S.p.A." on the implementation of the "Pyrolysis oil production" project.
Minister of Economy Mikayil Jabbarov and SOCAR President Rovshan Najaf met with Marco Villa, a member of the Board of Directors and CEO of the Italian "Technip Energies" company.
It was noted at the meeting that our country, which has renewable energy resources, actively cooperates with foreign companies in order to become a place of "green growth" and sustainable development, and the importance of international experience and the application of modern technologies in realizing the existing potential. Information was provided on the projects implemented in Azerbaijan with international partners in the direction of the production of "green" energy.
The parties exchanged views on the transition to low-carbon business solutions and new cooperation prospects.
An agreement was signed within the framework of the meeting between "SOCAR Downstream Management" LLC, "Azerbaijan Investment Company" OJSC and the Italian "Technip Energies S.p.A" company on the "Production of pyrolysis oil from plastic waste" project ("green" project) and on the Participants.
The implementation of the project with a total cost of 97 million euros will stimulate efficient waste processing, improvement of industrial production and reduction of carbon emissions. It will also ensure more efficient use of the country's natural resources by increasing the diversity and sustainability of industrial products. 23,000 tons of pyrolysis oil will be produced from 36,000 tons of plastic per year at the plant to be built on the territory of Sumgayit Chemical Industrial Park. "AISH" has 30%, "Technip Energies S.p.A" 35%, "SOCAR" 35% shares in the project.
A presentation on the project "Production of pyrolysis oil from plastic waste" was demonstrated at the event. The pyrolysis oil technology to be applied in the project ensures the recycling of plastic waste by decomposition at high temperatures. This reduces the carbon footprint by reducing emissions and producing alternative fuels.
Note: Technip Energies with its 60 years of experience and more than 15,000 employees, operates in 34 countries in the fields of sustainable fuel, chemistry, waste processing, gas and low-carbon energy, innovative technologies, and carbon-free solutions.
