Azerbaijan Investment Company OJSC and Italian Technip Energies Italy S.p.A. signed cooperation agreement

During the meeting the parties discussed the measures taken to diversify the economy of Azerbaijan, the work done to transform our country, rich with renewable energy resources into a "green growth" and sustainable development. It was noted that the implementation of this strategy together with Technip Energies towards the transition to energy, green technology, digitalization of industry, waste management and monetization, marine wind energy and other projects is especially important in terms of the implementation of international experience.

During the meeting, a Cooperation Agreement was signed between Azerbaijan Investment Company OJSC and Technip Energies Italy S.p.A. Within the framework of the cooperation, it is planned to implement the "Waste Monetization" project that envisages the production of "green" gas from plastic-rich household waste based on thermochemical recycling technology. By means of the products created during processing it is planned to expand the raw material base of Azerkimya and obtain a "green certificate". Due to the high thermal value, part of the products can also be used for power generation in turbines. The production capacity of the plant to be built in Sumgayit will be 30,000 tons of olefin (gas mixture) and 10,000 tons of fuel gas per year.

Implementation of the project will contribute to improvement of the environmental situation in the country by reducing carbon emissions; reduce costs in the processing of municipal waste; support the circular economy through the application of "green" technologies, innovative and sustainable waste treatment.

Note: The Italian company Technip Energies S.p.A, has 60 years of experience and more than 15,000 employees, it operates in 34 countries in the fields of sustainable fuels, chemicals, waste treatment, gas and low carbon energy, innovative technologies, carbon-free solutions.