(MENAFN- Trend News Agency)
BAKU, Azerbaijan, October 4. Azerbaijan's
Minister of Economy Mikayil Jabbarov and SOCAR President Rovshan
Najaf met with a member of the board and CEO of the Italian company
Technip Energies, Marco Villa, Trend reports via the ministry.
During the meeting, officials underscored the need of active
collaboration with foreign companies to convert Azerbaijan,
abundant in renewable energy resources, into a center for green
growth and sustainable development. They emphasized the importance
of utilizing global skills and contemporary technologies to harness
the country's inherent potential. The parties were also furnished
with information concerning current projects in Azerbaijan focused
on green energy production.
The parties discussed moving towards low-carbon business
solutions and looked into exciting new ways to work together.
As a result of the meeting, agreements were signed between SOCAR
Downstream Management, the Azerbaijan Investment Company, and
Technip Energies S.p.A. to establish a joint venture focused on
producing pyrolysis oil from plastic waste.
This project, valued at €97 million, is all about improving
waste recycling, enhancing industrial production, and reducing
carbon emissions. It will help make better use of the country's
natural resources by diversifying and enhancing the sustainability
of industrial products. The plant being set up in the Sumgayit
chemical industrial park is anticipated to generate 23,000 tons of
pyrolysis oil each year from 36,000 tons of plastic.
The project's share distribution is as follows: the Azerbaijan
Investment Company (30 percent), Technip Energies (35 percent), and
SOCAR (35 percent).
The project's presentation, "Production of pyrolysis oil from
plastic waste," outlined how the technology will process plastic
waste through high-temperature decomposition, lowering the carbon
footprint by reducing emissions and producing alternative fuel.
Technip Energies boasts over 60 years of experience and employs
more than 15,000 people across 34 countries, specializing in
sustainable fuels, chemicals, waste recycling, gas, low-carbon
energy, innovative technologies, and carbon-free solutions.
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