The cornerstone of the largest Hungarian investment so far has been laid in Tiszaújváros - VIDEO

The cornerstone of the largest Hungarian investment so far has been laid in Tiszaújváros - VIDEO

The foundation stone for the largest Hungarian investment of all time has been laid in Tiszaújváros

The petrochemical division of MOL Group is building a complex chemical plant worth EUR 1.2 billion. The establishment of this petrochemical complex, which will be capable of producing, practically with zero emission, 200,000 tonnes of polyol (a plastic raw material) on a yearly basis from 2021 onwards, has been an integral part of MOL Group's strategy, which will make MOL become the only integrated polyol producer in the Central and Eastern European region.

MOL Group is an integrated, international oil and gas company, headquartered in Budapest. It is active in over 30 countries with a dynamic international workforce of 26,000 people and a track record of more than 100 years in the industry. At the moment, it has production activities in 8 countries and exploration assets in 13 countries. MOL Group operates four refineries and two petrochemical plants under integrated supply chain management in Hungary, Slovakia and Croatia, and owns a network 2,000 service stations across 9 countries in Central and South Eastern Europe.

MOL Group's 2030 Strategy is expanding its petrochemical value chain towards semi-mass-produced and special chemical products in order to become the leading chemical industry actor in the Central Eastern European region. Due to its wide range of application opportunities, polyether polyol, which is the raw material for polyurethane foams, represents the main direction of MOL's petrochemical development. It is also used, for example, in the automotive, construction, packaging and furniture industries.

This project of EUR 1.2 billion, which is the largest domestic investment ever made by a Hungarian company, will result in the construction of an industrial plant to produce 200,000 tonnes of propylene oxide every year, which will be converted into polyether polyols and propylene glycols on site. The complex will comprise several units. Besides the propylene oxide plant it will have a number of polyol production lines and several service facilities that are essential for the units' operation. The Tiszaújváros complex will produce polyol with one of the most efficient and most environmentally friendly technologies, namely the HPPO process (propylene oxide from hydrogen peroxide) used by thyssenkrupp and Evonik.

MOL Petrochemicals in Tiszaújváros 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. The polyol project will provide long-term employment opportunity for 200 people.