Photo: mol.hu

Szijjarto: MOL propylene plant largest investment in Hungary this year

Peter Szijjarto, the minister for foreign affairs and trade, on Wednesday attended the cornerstone ceremony of a propylene plant of MOL Petrolkemia in Tiszaujvaros, in eastern Hungary. The 65 billion forint (EUR 174.5m) project is the largest investment by a Hungarian company so far this year, he noted.

The project to be completed by 2024 received government support of 5 billion forints and is expected to preserve 1,200 jobs, he said.

Hungarian oil and gas company MOL, which controls MOL Petrolkemia, is pursuing a strategy of turning an increasing proportion of crude oil into durable goods instead of fuel, he said.

The investment has implemented climate-friendly measures that cut carbon emissions by some 40,000 tonnes a year while reducing the amount of waste water to “almost zero”, he said.

Referring to the war in Ukraine, Szijjarto warned that Europe faced “grave challenges” in securing its energy supply, while reforming Europe’s energy landscape would take “not days or weeks but many years”.

Accordingly, Hungary rejects sanctions that would unduly burden Hungarian households and industry, he said.

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