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MOL Group reports 3Q17 results

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Hydrocarbon Engineering,

MOL Group has delivered HUF 150 billion (US$ 576 million) in 3Q17, as clean CCS EBITDA climbed 12% for the first nine months of the year.

The company’s downstream operations posted lower clean CCS EBITDA at HUF 70.5 billion (US$271 million) as both petrochemicals and refining contribution declined due to lower wholesale margins, lower own produced product sales and one offs. Downstream’s contribution for the first nine months remained flat at HUF 256.9 billion (US$923 million).

MOL Group has also launched its new Downstream Programme, DS2022, a major milestone in the implementation of the MOL 2030 strategy. The program is based on three pillars: strategic transformational projects; efficiency initiatives; and increasing customer satisfaction, safety and employee engagement. The programme aims to deliver US$500 million EBITDA improvement similarly to its predecessors the New Downstream Programme (2012 -2014) and the Next Downstream Programme (2015 - 2017).

Chairman-CEO, Zsolt Hernádi, said: “After the first nine months of the year we are well on track to deliver on our upgraded USD 2.3 billion clean CCS EBITDA guidance and on our MOL 2030 strategy. We continue to generate robust free cash flows this year despite not fully capturing the opportunities of the supportive external environment in Q3. To achieve our strategic objectives we are now also launching Downstream 2022 (DS2022), a programme of efficiency, transformation and growth, which would deliver US$500 million additional EBITDA with substantial, over US$2 billion investments by 2022. The flagship transformational project of this programme, the polyol project, is forging ahead as we have secured all the technological licenses and engineering resources.

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