Azerbaijani companies SOCAR, AIC and Italian TechnipEnergies create joint venture to produce pyrolysis oil

BAKU. Nov. 18 (Interfax) – The State Oil Company of the Republic of Azerbaijan (SOCAR), the Azerbaijan State Investment Company (AIC) and the Italian company TechnipEnergies SpA have established the joint venture Ecostar LLC to produce pyrolysis oil, SOCAR Downstream, an oil from SOCAR. -refining subsidiary, said.

“SOCAR is establishing a joint venture to produce pyrolysis oil by recycling plastic waste,” SOCAR told Downstream.

AIC, SOCAR Downstream and TechnipEnergies signed the agreement to create Ecostar LLC during the COP29 conference of the United Nations Framework Convention on Climate Change.

The joint venture is expected to produce 23,500 tonnes of product per year using Alterra pyrolysis technology. (A thermochemical dissolution process in which difficult-to-process plastics are converted into a liquid hydrocarbon product.)

The project, worth €97 million, is expected to incentivize efficient waste management, improved industrial production and reduced carbon dioxide emissions.

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