An agreement was signed for the implementation of the project “Oil production by pyrolysis” with the Italian company “Technip Energies SpA”.
Oku.Az reports that the Minister of Economy, Mikayil Jabbarov, and the President of SOCAR, Rovshan Najaf, met with Marco Villa, member of the board of directors and general director of the Italian company “Technip Energies”.
The meeting highlighted that our country, which has renewable energy resources, actively cooperates with foreign companies to make it 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. The projects carried out in Azerbaijan with international partners in the field of green energy production were reported.
The parties exchanged views on the transition to low-carbon trade solutions and new prospects for cooperation.
Within the framework of the meeting, an agreement was signed between LLC “SOCAR Downstream Management”, OJSC “Azerbaijan Investment Company” and the Italian company “Technip Energies SpA” on the project “Production of pyrolysis oil from plastic waste” (green project) and the participants.
The implementation of the project, with a total cost of 97 million euros, will stimulate the efficient processing of waste, the improvement of industrial production and the reduction of carbon emissions. At the same time, it will guarantee a more efficient use of the country’s natural resources by increasing the diversity and sustainability of industrial products. In the plant to be built on the territory of the Sumgayit Chemical Industrial Park, 23,000 tons of pyrolysis oil will be produced per year from 36,000 tons of plastic. “AISH” has a 30% stake, “Technip Energies SpA” 35% and “SOCAR” 35%.
At the event, a presentation was made on the project “Production of pyrolysis oil from plastic waste.” The pyrolysis oil technology that will be applied in the project guarantees the recycling of plastic waste through decomposition at high temperatures. This reduces the carbon footprint by reducing emissions and producing alternative fuels.
It should be noted that the company “Technip Energies”, with 60 years of experience and more than 15,000 employees, operates in 34 countries in the fields of sustainable fuels, chemistry, waste processing, gas and low-carbon energy, innovative technologies and free solutions carbon. .
