MOL Group has inaugurated its new polyol complex in Tiszaújváros, Hungary. The 1.3 billion euro project is MOL’s largest organic investment to date. The complex will produce approximately 200,000 tons of polyol annually.
The ceremony, addressed by Prime Minister of Hungary Viktor Orbán, MOL’s Chairman-CEO, Zsolt Hernádi and ThyssenKrupp Board Member Ilse Henne, marks a significant milestone for the company. MOL, ThyssenKrupp and Evonik IP signed the licence agreement in the summer of 2017 and the foundation stone of the complex was laid in September 2019.
“[…] The polyol complex will significantly strengthen our company’s position and competitiveness, with the entire value chain from petroleum processing to polyol production,” said Zsolt Hernádi, Chairman and CEO of MOL Group. “This investment has put Tiszaújváros back on the map of the European chemical industry, making it one of the most important industrial centres in the region. It will enhance the industrial competitiveness of our country and could catalyse economic growth as well […].”
Nadja Håkansson, CEO of ThyssenKrupp Uhde added that the polyol plant was a true landmark project and a great demonstration of how ThyssenKrupp Uhde enables the industrial green transformation. “With fully integrated and highly automated plant units, the valuable polyol chemicals will be produced in a highly efficient and sustainable way,” she underlined.
The Hungarian government contributed with 131.5 million euros to the project: a 93.6 million euro corporate tax credit, which can be claimed once the investment is operational, and a 37.9 million euro investment grant based on an individual government decision.
Polyol is one of the most sought-after plastics raw materials, used in a wide range of industries from car manufacturing to clothing and insulation. MOL said the complex will produce raw materials for durable plastic consumer goods, using one of the most efficient and environmentally friendly methods available today. According to the company’s calculations, the plant will contribute nearly 150 million euros annually to the MOL Group’s financial results and will provide long-term employment for nearly 300 people.
MOL Group, an international, integrated oil, gas, petrochemicals and consumer retail company, has been strengthening its chemical business in the last ten years. The new butadiene extraction plant was completed in 2015, followed by the synthetic rubber (S-SBR) plant in 2018. In 2016, the company announced a major strategic shift to prepare for the energy transition and the post-fossil fuel world by expanding its portfolio.
As part of the third and largest wave of investment in the petrochemicals business, next to the polyol complex, the polypropylene plant is the most important element and there are nearly 2 billion euros of life cycle investments that will secure the long-term future of the chemicals business, underlined MOL.