Mol signs EPC contracts with thyssenkrupp for polyether polyol complex in Hungary
On 12 September 2018, Mol Group announced that it has signed engineering, procurement and construction (EPC) contracts with thyssenkrupp Industrial Solutions AG for the implementation of a polyether polyol complex in Tiszaújváros, Hungary. The EPC contracts cover the entire technical scope of the Polyol Project apart from certain elements mainly relating to project management, site integration and infrastructural costs and commissioning of the assets, said the company.
The new chemical complex will have a polyether polyol production capacity of 200 kt/y. It will also include a propylene glycol production unit to maximise operational and commercial flexibility. The total capital expenditures of the Polyol Project are EUR 1.2 billion, including already incurred costs. The complex is planned to be operational by the second half of 2021. Ground works and basic construction activities are set to begin in Q4 2018. Through this investment Mol aims to become a strategic partner of polyurethane producers in CEE.
Zsolt Hernádi, Mol Group Chairman-CEO commented: “Reaching the final investment decision on the Polyol Project and the signing of the EPC contracts with our renowned strategic partner, thyssenkrupp, is another major milestone of our transformational strategy, Mol 2030.”
Marcel Fasswald, Chief Operating Officer of thyssenkrupp Industrial Solutions AG, said: “The new polyol complex is an important flagship project both for us and for our customer Mol and Hungary. Together we will set standards in terms of efficiency, environmental friendliness and automation by combining proven technologies with innovative solutions.”
In line with its 2030 strategy, Mol Group said it will move further along the petrochemical value chain towards semi-commodity and speciality chemicals products, with the aim of transforming into a leading chemical group in Central and Eastern Europe.