MOL lays foundation stone €1.2 bn polyol plant in Hungary

MOL lays foundation stone for €1.2 bn polyol plant in Hungary

6:11 AM, 30th September 2019
Zsolt Hernadi, Chairman and C-CEO of MOL Group; Dr. Sami Pelkonen, CEO Chemical & Process Technologies at thyssenkrupp; Ferenc Koncz, Member of the Hungarian Parliament and Mihaly Varga, Finance Minis
Zsolt Hernadi, Chairman and C-CEO of MOL Group; Dr. Sami Pelkonen, CEO Chemical & Process Technologies at thyssenkrupp; Ferenc Koncz, Member of the Hungarian Parliament and Mihaly Varga, Finance Minister, took part at the foundation stone laying ceremony.

TISZAUJVAROS, HUNGARY: MOL Group has laid the foundation stone for the its new polyol plant in Tiszaujvaros, Hungary. The plant is expected to be commissioned in 2021.

MOL will invest €1.2 billion to construct the plant which will be able to produce around 200,000 tons of polyols per year. 

Expected to start production in 2021, the plant is the largest organic investment project in MOL’s history. Polyol is an important and highly sought-after plastic raw material that is used in numerous industries, from automotive manufacturing to construction to the clothing industry. The Tiszaujvaros complex will produce polyol using efficient and environmentally friendly technologies such as the HPPO process (propylene oxide from hydrogen peroxide) developed by thyssenkrupp and Evonik.

Zsolt Hernadi, Chairman and C-CEO of MOL Group, Dr. Sami Pelkonen, CEO Chemical & Process Technologies at thyssenkrupp Industrial Solutions, Ferenc Koncz, Member of the Hungarian Parliament and Mihaly Varga, Finance Minister, took part at the foundation stone laying ceremony.  

MOL Petrochemicals in Tiszaujvaros will be the only company in Hungary and the entire Central and Eastern European region with an integrated value chain from crude oil extraction to the production of polyether polyols (widely used raw materials in plastics). The polyol project will provide long-term employment opportunity for 200 people. 

“This investment project will make MOL Group one of the most important players in the region’s chemical industry, with MOL being the only Central and Eastern European company to control the entire value chain from crude oil extraction to polyol production. Once commissioned in 2021, the plant will further enhance the position of Tiszaujvaros in the chemical industry, as the expertise and the new production infrastructure established here may attract additional investors to the area,” said Zsolt Hernadi.

“Today marks an important step for the transformation of the chemical industry in Hungary as well as for the cooperation between MOL and thyssenkrupp. With its Vision 2030, MOL is pursuing an ambitious growth agenda. We are proud and sustainably committed to support this vision and to contribute with our technologies and know-how to an innovative and sustainable chemical sector,” added Dr. Sami Pelkonen.

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