Azerbaijan signed an agreement with Italian "Technip Energies S.p.A." company on the implementation of the "Pyrolysis oil production" project, APA-Economics reports.
According to the information, the Minister of Economy of Azerbaijan Mikayil Jabbarov and President of SOCAR Rovshan Najaf met with Marco Villa, member of the Board and Chief Business Officer of Italian company Technip Energies.
Within the framework of the meeting, between "SOCAR Downstream Management" LLC, "Azerbaijan Investment Company" OJSC and Italy’s "Technip Energies S.p.A.", a contract on the establishment of a Joint Venture on the "Production of pyrolysis oil from plastic waste" project (green project) and an Agreement on Participants were signed.
The implementation of the project which has a total cost of EUR 97 million will stimulate efficient waste processing, improvement of industrial production and reduction of carbon emissions. At the same time, it will ensure more efficient 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 plastic per year at the plant to be built on the territory of Sumgayit Chemical Industrial Park. In the project, Azerbaijan Investment Company owns 30% of shares, "Technip Energies S.p.A." 35%, and SOCAR owns 35% of shares.