Mikayil Jabbarov, Minister of Economy, and Rovshan Najaf, SOCAR President, had a meeting with Marco Villa, member of the Management Board and Chief Business Director of the Italian “Technip Energies” company.

At the meeting, it was noted 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 application of modern technologies in realizing the existing potential. Information on the projects implemented in Azerbaijan together with the international partners for the “green” energy generation have been provided.     

The Parties exchanged their opinions on low carbon business solutions and new cooperation perspectives.

Within the framework of the meeting, “SOCAR Doownstream Management” LLC, “Azerbaijan Investment Company” OJSC and Italian “Technip Energies S.p.A.” company signed Joint Venture and Shareholders Agreement on “Production of pyrolysis oil from plactic waste” (“green” prooject).  

Implementation of this project with the total cost of EURO 97 million, will stimulate the effective waste processing, improvement of industrial production and reduction of carbon emissions. At the same time, it will ensure more effective 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 plactic at the plant that will be built on the territory of Sumgayit Chemical Industrial Park. AIC’s share in the project is 30%, “Technip Energies S.p.A.” – 35%, SOCAR – 35%. 

Presentation on “Prooduction of pyrolysis oil from plastic waste” project was shown 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” Company with more that 15 thousand employees has 60 years of experience and operates in 34 countries in the sphere of sustainable fuel, chemical industry, waste processing, gas and low-carbon energy, innovative technologies, non-carbon solutions.