Hungarian oil group MOL is investing 1.2 billion euros in a polyol plant in Tiszaújváros, eastern Hungary, becoming 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.
“This investment project will make MOL Group one of the most important players in the region’s chemical industry,” said Zsolt Hernádi, chairman and CEO of MOL Group. “Once commissioned in 2021, the plant will further enhance the position of Tiszaújváros in the chemical industry, as the expertise and the new production infrastructure established here may attract additional investors to the area.”
The polyol plant is part of MOL’s strategy to expand the company’s petrochemicals value chain and produce more valuable products by 2030.
“Today marks an important step for the transformation of the chemical industry in Hungary as well as for the cooperation between MOL and ThyssenKrupp,” added Sami Pelkonen, CEO Chemical and Process Technologies at ThyssenKrupp Industrial Solutions. “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.”
Expected to start production in 2021, the polyol project will provide long-term employment opportunities for 200 people.