Budapest – Hungarian energy company MOL and thyssenkrupp Industrial Solutions have laid the foundation stone for a 200-kilotonne-per-annum (ktpa) polyol complex in Tiszaújváros, northern Hungary.
Designed, and to be constructed, by thyssenkrupp, the plant will produce polyether polyols, which are primarily used for the production of polyurethane foams.
The €1.2bn project marks MOL’s biggest organic investment and is set for completion by 2021.
The plant, said MOL in a 27-Sept release, will employ efficient and environmentally friendly technologies such as the HPPO process (propylene oxide from hydrogen peroxide), developed jointly by thyssenkrupp and Evonik.
The project is part of MOL’s 2030 strategy, which identifies polyether polyols as the main direction for its petrochemical expansion.
Through the investment MOL aims to become a strategic partner of polyurethane producers in central and eastern Europe.
The investment will make MOL “the only” central and eastern European company to control the entire value chain from crude oil extraction to polyol production, according to Zsolt Hernádi, Chairman-CEO of MOL Plc.