Azerbaijan's SOCAR, AIC, Italy's TechnipEnergies establish JV to produce pyrolysis oil

BAKU. Nov 18 (Interfax) - The State Oil Company of the Azerbaijan Republic (SOCAR), state-owned Azerbaijan Investment Company (AIC), and Italy's TechnipEnergies S.p.A. have established the Ecostar LLC joint venture to produce pyrolysis oil, SOCAR Downstream, a SOCAR oil-refining subsidiary, said.

"SOCAR is establishing a joint venture to produce pyrolysis oil by recycling plastic waste," SOCAR Downstream said.

AIC, SOCAR Downstream, and TechnipEnergies signed the agreement to establish Ecostar LLC at the UN Framework Convention on Climate Change COP29 conference.

The JV is planned to produce 23,500 tonnes of products per year using Alterra pyrolysis technology. [A process of thermochemical dissolution in which difficult-to-process plastics are converted into a liquid hydrocarbon product.]

The project is reportedly worth 97 million euros is expected to provide an incentive for efficient waste management, improved industrial production, and reduced carbon dioxide emissions.

The pyrolysis oil production plant will be built at the Sumgait chemical industrial park. TechnipEnergies and SOCAR each have a 35% stake in the project, and AIC has a 30% stake.