Technip, SOCAR developing green project to produce bio-oil from plastic in Azerbaijan

Technip, together with the State Oil Company of Azerbaijan (SOCAR) and the Azerbaijan Business Development Fund, are working on a project to build a biofuel production facility capable of converting plastic waste into 23 tons of bio-oil, Technip Energies Baku CEO Gianluca Florio said at a forum on Azerbaijan's investment prospects, organized as part of the annual meetings of the Islamic Development Bank Group (IDB) in Baku, Report informs.

He noted that while the focus remains on the traditional oil and gas market, the direction of development is gradually shifting toward other sectors, including the circular economy, also known as the "green economy."

"As an example, I can cite the Green Project, which we at Technip are developing jointly with SOCAR and the Azerbaijan Business Development Fund. This project aims to create a biofuel production facility capable of producing 23 tons of bio-oil from plastic waste. This is further evidence of how the market and Azerbaijan itself are striving to transition from the traditional sector to more sustainable and alternative options. And such diversification is truly important, isn't it?" he said.

As Florio emphasized, interest in the Central Asian region is steadily growing.

"The region has significant potential, boasts energy resources, occupies a strategically advantageous geographic location, and already has an established industrial infrastructure. It's not starting from scratch. I would note that not only investors are increasingly paying attention to the country, but also financial institutions, particularly state-owned financial institutions. Just a few weeks ago, the Italian export credit agency SACE signed a memorandum of understanding with the Azerbaijan Business Development Fund. The purpose of this agreement is to create a financial base for supporting projects not directly related to the oil and gas industry, targeting small and medium-sized businesses, as well as the development of local production. This also demonstrates a willingness to assist the country in implementing projects in traditional sectors-oil and gas and petrochemicals-as well as in renewable energy and energy security. This is clear evidence of the growing interest not only of investors but also of financial institutions," he added.