(MENAFN- AzerNews)
Nazrin Abdul
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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.
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