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LONDON (ICIS)–MOL has broken ground on its 200,000 tonne/year polyol production project at Tiszaujvaros in northern Hungary, the crude oil and petrochemicals major said on Friday.
The €1.2bn project, expected to start up in 2021, received €131m in financial support and incentives from the Hungarian government.
Its production processes will include technologies provided by German engineer thyssenkrupp and specialty chemicals company Evonik.
thyssenkrupp is also in charge of the project’s engineering, procurement and construction.
MOL’s project will also include a propylene glycol (PG) production unit.
According to MOL’s estimates, the plant will contribute approximately €150m/year to the firm’s earnings before interest, taxes, depreciation and amortisation (EBITDA).
Polyols are a plastic raw material used in end sectors like automotive or construction.
“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,” said the company’s CEO Zsolt Hernadi.
“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.”
Additional reporting by Jonathan Lopez
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