MOL Group has reached a milestone in its strategic chemical project and entered into engineering, procurement and construction (EPC) contracts with thyssenkrupp Industrial Solutions for the implementation of the entire polyether polyol complex.
The EPC contracts cover the entire technical scope of the polyol project – apart from certain elements relating to project management, site integration and infrastructural costs and commissioning of the assets.
The new chemical complex will have a polyether polyol production capacity of 200 000 tpy, and will be capable of producing a wider range of end-products than foreseen in MOL's original long-term strategy announcement. It will also include a propylene glycol production unit. The total CAPEX of the polyol project is €1.2 billion, including already incurred costs.
The new manufacturing complex will be built in Tiszaújváros, Hungary and is planned to be operational by the 2H21. Ground works and basic construction activities are set to begin in 4Q18.
The polyol project is MOL’s currently largest investment and it will become the only integrated polyol producer in central and eastern Europe.
Polyether polyols, which serve as feedstock for polyurethane foam, were identified as the main direction in MOL’s petrochemical expansion due to their wide applications in the automotive, construction, packaging and furniture industries.