Budapest, November 10 (MTI) – Hungarian oil and gas company MOL on Tuesday inaugurated a new butadiene plant in Tiszaujvaros, in northeast Hungary.
The investment is worth 35 billion forints (EUR 111.7m).
The inauguration ceremony was attended by Prime Minister Viktor Orban, who said that MOL would contribute greatly to rebuilding Hungary’s chemical industry.
MOL also laid the cornerstone of a synthetic rubber plant it is building at the site together with Japan Synthetic Rubber Corporation (JSR). The plant is set to be completed in 2017.
The prime minister said that Hungary’s industry, “along with its most important player, MOL,” is now strong enough to be considered an equal partner of leading multinational companies. “A partnership with MOL is a strong partnership with Hungary and the Hungarian people that will lead to success,” Orban said.
MOL group president-CEO Zsolt Hernadi said the company estimates that the investment will boost profits by an annual 6 billion to 10 billion forints. He said the synthetic rubber plant was likely to cost twice as much as the butadiene (the most important component of synthetic rubber) plant.