Hungary’s Mol Nyrt launches $1.4-billion polyol plant

Hungary

BUDAPEST, May 14, 2024 – Hungarian refiner Mol Nyrt has inaugurated a USD 1.4-billion polyol plant in the country’s east, Bloomberg reported on Tuesday.

Located in the town of Tiszaujvaros, the plant is expected to ramp up to a production of 200,000 tonnes of polyol per year, along with 70,000 tonnes of propylene glycol.

The project marks a step forward in the company’s pivot towards petrochemicals production and away from oil processing.

Bloomberg cited company officials as describing the facility as a long-term investment that will persist beyond the initially unfavourable market in which it is launching.

“The current market is not beneficial for opening the plant, the economic downturn is not helping,” Mol’s senior vice-president for chemicals, Peter Csaszar, said. “But this investment is for the long run.”

Photo courtesy of Mol Nyrt.