SOCAR, TechnipEnergies JV for Waste Pyrolysis Project Registered with Capital of 1.5 mln Euros
The State Tax Service (STS) of Azerbaijan has registered Ecostar Green LLC, a joint venture between the State Oil Company of the Azerbaijan Republic (SOCAR), Azerbaijan Investment Company (AIC) and Italian TechnipEnergies S.p.A., which has been established to implement a project to produce pyrolysis oil.
STS data indicate that the company’s authorized charter capital is 1.5 million euros.
Islam Khalilov has been appointed head of Ecostar Green. The JV’s supervisory board comprises six members, including Emil Alkhasli, who heads SOCAR Downstream, SOCAR’s subsidiary in the oil-refining segment.
“The company will undertake front-end engineering and development (FEED) of the Waste Monetization project based on Alterra pyrolysis technology and will produce pyrolysis oils,” the STS said.
As reported, the agreement to establish Ecostar Green LLC between AIC, SOCAR Downstream, and TechnipEnergies was signed during the COP29 climate conference.
There are plans to produce up to 23,500 tons of pyrolysis oil from plastic waste per year. Pyrolysis technology involves thermochemical decomposition, during which difficult-to-process plastics are converted into a liquid hydrocarbon product. The cost of the project is estimated at 97 million euros. Implementing this is expected to contribute to the efficient recycling of waste, improvement of industrial production and reduction of carbon dioxide emissions.
The pyrolysis oil production plant will be constructed in the Sumgait Chemical Industrial Park. The shares in the project are distributed as follows: TechnipEnergies and SOCAR – 35% each, AIC – 30%.
