Making the Region Greener, Self-Sufficient and Competitive

The Mol Group has updated its long-term strategy, 'Shape Tomorrow', with the aim of making the region greener, more self-sufficient and competitive, the company told MTI.

According to the information, the main objective of the updated strategy is to enable a green energy transition while guaranteeing security of energy supply. To this end, the company will continue to strengthen its conventional businesses, spending more than USD four billion on green investments by 2030 and reaching carbon neutral operations by 2050.

The statement underlined that the Mol Group's investments will further strengthen the region's security of supply, create value from waste and shape the future of mobility through innovative technologies. The updated strategy places greater emphasis on renewable fuels, green hydrogen, biomethane and geothermal energy.

Downstream (refining and trading) will further strengthen its refining position in Europe while dynamically adapting to the changing needs of mobility and the economy. The rise of renewable fuels opens up new dimensions in sustainable mobility: the updated strategy focuses on biomethane and green hydrogen production, and the inclusion of the circular economy will increase the contribution of bio- and waste streams to production. The Mol Group is investing USD 1 billion in waste management, recycling and medium-scale chemical investments until 2030.

The company is making oil refining more resilient, earmarking more than USD 1 billion by 2030 for investments that will enable energy efficiency improvements, increase the share of sustainable fuels in production and substantially reduce the business's greenhouse gas emissions. They will also increase the use of renewable electricity across the Group, particularly in the downstream area.

Upstream (research generation) will play a key role in financing the transformation at group level, and slowing the natural generation decline will remain a top priority. Maintain production at least at the current average daily level of 90,000 barrels of oil equivalent for the next five years. In addition to conventional hydrocarbon production, the business is strengthening its carbon neutral projects: the company is embarking on geothermal exploration, launching a pilot lithium project and focusing on building storage capacity in the carbon capture and storage sector. The cooperation between Mol and INA will be further strengthened, infrastructure will be optimised, and the region's security of supply will be supported through efficiency improvements and cost optimisation. The international portfolio will be further diversified and strategic partnerships will be established.

The statement quotes Zsolt Hernádi, CEO of the Mol Group, as saying that in 2016 they were one of the first players in the industry to announce that they would be diversifying and gradually building their bridgehead positions in petrochemicals and consumer services alongside their traditional fossil businesses. The time has come to update their strategy again, as sustainability targets have become more ambitious while demand for fossil fuels remains strong.