SOCAR is announcing signing Charter of Ecostar LLC joint venture, established by its subsidiary SOCAR Downstream Management (SDM), Technip Energies Italy S.P.A (TEN) and Azerbaijan Investment Company OJSC (AIC).
Ecostar LLC shall be a vehicle through which each of its participants will implement the front-end engineering design to study the feasibility of a waste monetization project based on Alterra pyrolysis technology with a capacity of 23.5KTA and shall produce Py-Oil through the utilization of plastic waste materials.
The charter capital of Ecostar LLC is 1.500.000 Euro. The shares of the participants of the Company in the charter capital are as following: SDM – 35 %; TEN - 35 %, and AIC - 30 %.
The Project is considered to consist of 2 phases. Phase 1 will cover Pyoil Units with Capacity of 23.5 Kta pyrolysis oil to be sold to European Market and investigation of possibility of Off-taking agreement. Phase 2 will be related to possibility of production of SAF and Green Polymer via integration to Heydar Aliyev Oil Refinery (or new Refinery) and EP-300 respectively. Feedstock requirement for Phase 1 is around 36 KTA of Plastic Rich Waste.
The implementation of the project with a total cost of 97 million euros will stimulate the efficient processing of waste, improvement of industrial production and reduction of carbon emissions. At the same time, it will ensure more efficient use of the country's natural resources by increasing the diversity and sustainability of industrial products.
About SOCAR and SOCAR Downstream Management
SOCAR, a global energy company headquartered in Azerbaijan, specializes in the extraction, processing, and distribution of energy resources. As the largest integrated energy enterprise in the South Caucasus region, the company has a significant presence worldwide, underscoring its importance in various international markets.
SOCAR Downstream Management is the subsidiary of SOCAR established for the purpose of management of complex oil, gas and petrochemical assets. By managing these downstream operations efficiently, SOCAR Downstream Management plays a vital role in driving economic growth and development in Azerbaijan.
About TEN
Technip Energies is a world-leading engineering and technology player for the energy transition. Its expertise includes a full range of design and project development services, from early engagement to delivery. By combining its engineering and construction capabilities with technological know-how, it develops new solutions that will support the world's energy transition.
About AIC
Azerbaijan Investment Company Joint-Stock Company was established by Presidential decree in March 2006. All shares of AIC owned by the Government of the Republic of Azerbaijan. Main economic purpose of the AIC is capital investments into non-oil sector of Azerbaijan Republic. Its strategic priority is to maximize value for the economy and investors by providing expertise and capital for high value added industries and projects in Azerbaijan
