Azerbaijan teams up with Technip Energies for €97 million project

Economy Minister Mikayil Jabbarov and SOCAR President Rovshan Najaf met with Marco Villa, a member of the Board of Directors and CEO of the Italian company "Technip Energies," Azernews reports, citing the Ministry of Economy.

The meeting highlighted the importance of international experience and the application of modern technologies in realizing existing potential for active cooperation with foreign companies. This cooperation aims to transform our country, which has renewable energy resources, into a hub for "green growth" and sustainable development. Information was shared regarding projects implemented in Azerbaijan with international partners focused on "green" energy production.

The parties exchanged views on transitioning to low-carbon business solutions and explored new cooperation prospects.

During the meeting, a contract for the establishment of a joint venture and an agreement on participants was signed between "SOCAR Downstream Management" LLC, "Azerbaijan Investment Company" OJSC, and "Technip Energies S.p.A." of Italy for the "Production of Pyrolysis Oil from Plastic Waste" project (a "green" initiative).

The project, with a total cost of 97 million euros, aims to stimulate efficient waste processing, enhance industrial production, and reduce carbon emissions. Additionally, it will promote more efficient use of the country's natural resources by increasing the diversity and sustainability of industrial products. The plant to be built in Sumgayit Chemical Industrial Park will produce 23,000 tons of pyrolysis oil from 36,000 tons of plastic waste annually. The participation shares are allocated as follows: 30% for "AISH," 35% for "Technip Energies S.p.A.," and 35% for "SOCAR."

A presentation on the "Production of Pyrolysis Oil from Plastic Waste" project was also made during the event. The pyrolysis oil technology to be used in the project involves the decomposition of plastic waste at high temperatures, which helps reduce the carbon footprint by minimizing emissions and producing alternative fuels.

It should be noted that "Technip Energies," with 60 years of experience and over 15,000 employees, operates in 34 countries across the fields of sustainable fuel, chemistry, waste processing, gas, low-carbon energy, innovative technologies, and carbon-free solutions.