20 July 2017
DETAILS
The Polyol Project will be the largest investment project
of MOL Group in 2017-21
MOL Group will move further along
the petrochemical value chain
towards semi-commodity and specialty chemicals products
as part of its 2030 strategy
MOL will become the only integrated polyol producer in CEE
Half a year after the announcement of the 2030 strategy,
MOL Group has reached an important milestone
in its industrial transformaonal journey.
The license agreements signed with Evonik and thyssenkrupp,
will enable MOL to produce propylene oxide,
a key component for the production of polyether polyols.
MOL intends to become a significant producer of polyether polyols,
high-value intermediates for products applied
in the automove, packaging and furniture industries.
MOL Group has entered into key contracts
related to core technologies of the Polyol Project,
which was announced in 2016 as part of
the first investment cycle of the MOL 2030 long-term strategy.
The contracts concern
* the purchase of technology licenses and
* process design packages
for the so called
HPPO (hydrogen peroxide to propylene oxide) technology
of propylene oxide producon.
* The licensor of the hydrogen-peroxide unit
for captive use is Evonik,
* while a consortium formed by
Evonik and thyssenkrupp Industrial Soluons
licenses the propylene oxide unit.
The contracts also contain
* binding offers and pre-agreements regarding
the later engineering and execuon phases of the HPPO units
by thyssenkrupp and
* the purchase of proprietary catalysts from Evonik.
The signing of these license contracts
marks the beginning of this major investment project
that is of strategic importance for MOL,
as well as the beginning of a longterm partnership
between MOL Group, Evonik and thyssenkrupp.
In addion, MOL Group has selected
Fluor as Project Management Consultant (PMC)
* for the front end engineering design and
* engineering, procurement and construcon phases of the project.
MOL Group is in the final stages of
* selecting the licensor for polyether polyol technology
as well as
* the contractor for the engineering
of the utilies and other facilities.
These agreements represent the first milestone
in the execuon of the MOL 2030 long-term strategy,
which earmarked around USD 1.9bn in investments
for transformaonal projects
in the area of chemicals and petrochemicals
for the period of 2017-21.
The industrial complex,
which will be built in Hungary,
will be the single largest organic investment project
of MOL Group in 2017-21.
The new product line will not only provide access to
attractive markets in the CEE, but it will also
form a logical continuation of MOL’s strategy
to move further along
the Downstream value chain
towards semi-commodity and specialty chemicals products.
In line with MOL’s core value of sustainable development,
this step has taken MOL closer
to a state-of-the-art, energy-efficient technology
that is free of material by-product volumes.
Propylene oxide based polyols
serve as raw materials for polyurethane foams,
which are widely applied in the automove, construcon,
packaging and furniture industries.
The planned new industrial complex consists of
the HPPO plants having
200 kt/year propylene oxide production capacity,
several producon lines for polyether polyols,
utilities and other infrastructural investments.
Zsolt Hernádi,
MOL Group Chairman-CEO
"Today’s agreement with our renowned partners
marks an important step in
the implementaon of the MOL Group 2030 strategy,
which will transform MOL Group into
the leading chemical company in CEE.
As a first decisive investment step, we will spend
up to USD 1 billion on the Polyol Project
and thus become a significant European player.
The innovative and environmentally friendly technology
will not only enable us to become
the only integrated polyol producer in our region,
but will also be a doorway to
enter other, highly profitable areas of the chemical industry.
Johannes Ohmer,
Member of the Board of Management
of Evonik Resource Efficiency GmbH,
“The Polyol Project is a good example
where strong partners combine their specific strengths
to powerfully and successfully join forces
and in doing so building the foundaon
for a long-lasting and trustful strategic partnership.
Evonik will contribute with
its advanced technology know-how
and operation experience as well as
the outstanding performance of its proprietary catalysts.
As an innovave and reliable partner
we stand for resource-efficient and thus sustainable solutions.
Sami Pelkonen,
CEO of the Electrolysis & Polymers business unit
at thyssenkrupp Industrial Solutions
“We are proud to enter into this long-term license agreement
which will allow MOL to produce high-quality propylene oxide
through an extremely cost-effecve process.
The process, which offers efficient feedstock consumpon,
environmentally-friendly producon and low capital investment,
was developed based on our strong experse
in process engineering and the design
and construcon of chemical and
other industrial plants jointly with our partner Evonik.”
MOLGROUP Media Contact
DOMOKOS SZOLLÁR
Vice President, Corporate Communicaons
Phone: +36 1 464 1772
TAMÁS BERZI
Head of Media Relaons
Phone: +36 20 409 7632
Email: tberzi@mol.hu (mailto:tberzi@mol.hu)
ANNA WIŚNIOWSKA
Media Relaons Officer
Phone: +36 20 243 3963
Email: awisniowska@mol.hu (mailto:awisniowska@mol.hu)
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