By investing EUR 180 million, MOL Petrolkémia builds a new plant in Tiszaújváros where its foundation stone laying ceremony took place this Wednesday. 7-8% of the investment costs are covered by Hungarian taxpayers through a government decision.
The production unit, which has an annual manufacturing capacity of 100,000 tons of propylene per year, covers a quarter of MOL’s chemical material needs and increases its self-sufficiency.
MOL Group is an integrated, international oil and gas company that is active in over 30 countries and has a track record of more than 80 years in research and production. Being present through its oil industry activities in 14 countries and running production in nine countries, it has a diverse portfolio: it operates three refineries and two petrochemical plants under integrated supply chain management in Hungary, Slovakia and Croatia.
The new plant of MOL Petrolkémia will be of key importance since the planned 100,000 tons of propylene is set to provide a quarter of the chemical material needs of the corporation. The investment integrates well into MOL Group’s updated strategy and is an important step towards chemical transformation and energy transition since the company can gradually increase the ratio of non-fuel products in its portfolio.
In the last 5-10 years MOL has turned Tiszaújváros into a unique chemical center so by now the city is undoubtedly considered among the most modern petrochemical metropolises. We have a butadiene plant already built here, as well as a synthetic rubber plant that was built in cooperation with Japanese experts, and the town also hosts the largest industrial investment of the last 30 years, the polyol complex built for EUR 1.3 billion, Zsolt Hernádi, Chairman-CEO of MOL Group said.
According to him, the new plant strengthens the self-sufficiency of the company as well.The plant is scheduled to start its operation in 2024 and it creates some 30-40 new jobs in the long run.
MOL Group provides approximately USD 4.5 billion for investments that will turn Tiszaújváros into the main chemical capital of the region, the Hungarian Investment Promotion Agency reports.
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