The meeting highlighted the critical role of international expertise and cutting-edge technologies in fostering collaboration with global companies. This partnership aims to position Azerbaijan, rich in renewable resources, as a leader in “green growth” and sustainable development. Ongoing projects with international partners on green energy initiatives were also discussed.
Discussions focused on low-carbon business solutions and explored new collaboration opportunities. A joint venture agreement was signed during the meeting among SOCAR Downstream Management LLC, Azerbaijan Investment Company OJSC, and Italy’s Technip Energies S.p.A. for a project to produce pyrolysis oil from plastic waste.
With an investment of €97 million, this project will enhance waste processing, support industrial growth, and reduce carbon emissions. Located in the Sumgayit Chemical Industrial Park, the facility aims to process 36,000 tons of plastic waste annually, producing 23,000 tons of pyrolysis oil. Ownership is divided among AISH (30%), Technip Energies (35%), and SOCAR (35%).
The event featured a presentation on pyrolysis oil production, which involves high-temperature breakdown of plastic waste, lowering emissions and creating alternative fuels.
Technip Energies, with 60 years of experience and a global presence in 34 countries, specializes in sustainable fuels, waste processing, low-carbon energy, and other innovative technologies, making it a valuable partner in this initiative.