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

Source: Azernews

The meeting underscored the significance of international expertise and the integration of modern technologies to leverage existing opportunities for active collaboration with foreign companies. This partnership seeks to transform our nation, endowed with renewable energy resources, into a hub for "green growth" and sustainable development. Details were shared about projects underway in Azerbaijan with international partners that focus on "green" energy production.

The parties discussed the shift toward low-carbon business solutions and examined new avenues for cooperation.

During the meeting, a contract was signed to establish a joint venture, alongside an agreement among "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, which is part of a "green" initiative.

With a total investment of 97 million euros, this project aims to promote efficient waste processing, boost industrial production, and lower carbon emissions. Furthermore, it will enhance the sustainable use of the country’s natural resources by diversifying and improving the sustainability of industrial products. The plant, to be established in the Sumgayit Chemical Industrial Park, is expected to produce 23,000 tons of pyrolysis oil annually from 36,000 tons of plastic waste. The share distribution is as follows: 30% for "AISH," 35% for "Technip Energies S.p.A.," and 35% for "SOCAR."

Additionally, a presentation on the "Production of Pyrolysis Oil from Plastic Waste" project was conducted during the event. The pyrolysis oil technology to be employed involves breaking down plastic waste at high temperatures, significantly reducing the carbon footprint by lowering emissions and generating alternative fuels.

It is noteworthy that "Technip Energies," boasting 60 years of experience and over 15,000 employees, operates in 34 countries within the realms of sustainable fuel, chemistry, waste processing, gas, low-carbon energy, innovative technologies, and carbon-free solutions.