HUNGARY: MOL Group allocates up to USD 1.9 billion to develop its petrochemicals business

While announcing its financial and operational targets for the 2017-2021 period, MOL said it has earmarked up to USD 1.9 billion until 2021 to develop its petrochemicals business.

The yield improvement of propylene and investment into attractive propylene derivatives will be the main direction for the next five years, the company noted.

In order to allow further diversification in the propylene value chain, MOL Group will invest more than USD 500 million into its steam crackers in Hungary and Slovakia.

MOL Group will also invest in propylene oxide based polyols, a high-value product applied in the automotive industry, packaging and furniture manufacturing.

MOL Group would become the sole fully integrated supplier in CEE (Central & Eastern Europe), the region which is driving the European supply growth. Moreover additional investments are being planned for another possible product entry.

Source: MOL Group website, Budapest; 7 Nov 2016

(Syed Rashid Ali, Karachi, Pakistan)