Azerbaijan attracts foreign businesses to create national tire recycling industry
Azerbaijani authorities will now seek investors from abroad to carry out recycling initiatives, including scrap tire recycling. This is expected to boost the national recycling sector.
On March 12, ADA University has hosted a special event dedicated to the recycling plant project in Balakhani Industrial Park; the university has teamed up with the managing company Tamiz Shahar OJSC, and this step was endorsed by its chairman Etibar Abbasov. However, according to Abbasov, Azerbaijan faces challenges connected to tire recycling.
Brioil Company will become the first company to start recycling waste into energy, and the end products will be sent for exports. This move is expected to attract investors to the country. Moreover, this will create more jobs in Azerbaijan – the plant will provide employment to 25 people.
Commenting on this initiative, Italian Ambassador to Azerbaijan Augusto Massari stated that it will boost economic relations of the country with Italy, as the project gets investments from Italy.
Another Italian stakeholder, Gianluca Bonucchi – manager of BriOil Group’s energy branch – commented on this step saying that scrap tire recycling in Azerbaijan’s new plant will help produce biodiesel and bioenergy. Once the country begins exporting the products, Italy and Azerbaijan will start cooperating on economic and environment protection levels, he said.
This comes after Brioil that will be responsible for biodiesel production has obtained a resident status at the Balakhani Industrial Park. Over 1,300 square meters of land have been provided to the company to build its industrial plant. The projected investment may reach over $1.7 million.
In 2017, Azerbaijani authorities commissioned the Balakhani Industrial Park in an attempt to advance circular economy in the country. Currently the premises are used by 15 residents. In overall, the residents invested over $ 21 million into the project.
Article by Mena FN.