SOCAR, TechnipEnergies, AIC to form JV to produce pyrolysis oil

BAKU. Oct 4 (Interfax) - The State Oil Company of Azerbaijan Republic (SOCAR), Italy's TechnipEnergies S.p.A. and Azerbaijan Investment Company (AIC) have agreed to carry out a project to produce pyrolysis oil, Azerbaijani Economy Minister Mikayil Jabbarov reported on social media.

AIC, which is controlled by the Economy Ministry, signed an agreement with SOCAR Downstream Management and TechnipEnergies to carry out the 97-million-euro "green" project on Friday, Jabbarov said.

He said the project will promote efficient waste processing, improve industrial production and help reduce CO2 emissions.

The Economy Ministry said this refers to the signing of a founding and shareholder agreement to form a joint venture to produce pyrolysis oil from plastic waste.

SOCAR told Interfax that the pyrolysis oil plant would be located in the Sumgait chemical industrial park and would produce 23,000 tonnes of pyrolysis oil from 36,000 tonnes of plastic waste per year.

TechnipEnergies and SOCAR will each hold 35% stakes in the project and AIC will have 30%.