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MOL Propylene Plant Largest Investment in Hungary So Far This Year, says Trade Minister

Péter Szijjártó, the minister for foreign affairs and trade, on Wednesday attended the cornerstone ceremony of a propylene plant of MOL Petrolkémia in Tiszaújváros, 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 (EUR 13,4 million) and is expected to preserve 1,200 jobs, he said.


Hungarian oil and gas company MOL, which controls MOL Petrolkémia, 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.”



Finance Minister Mihály Varga on Thursday awarded three companies grant money allocated to support investments at big businesses.


Varga awarded 6.8 billion forints (EUR 18.3m) in grant money to CECZ Logistic Park Management for a 20 billion forint logistics park in Vac, on the outskirts of the capital; 2.7 billion forints in subsidies to RE-POL Innovacios for a 5.6 billion forint rubber recycling plant; and 1.7 billion forints to metal sheet maker FERZOL for a 3.8 billion forint automated plant complemented by energy and technology upgrades.


The investments will create 350 jobs,he said.

The funding earmarked for big company investments has supported 250 projects with a combined value of 570 billion forints since the scheme was launched in 2015.


Meanwhile, Péter Szijjártó, the minister for foreign affairs and trade, inaugurated a 450 million forint (EUR 1.2m) industrial park in Csurgo in southwest Hungary on Thursday. Szijjártó said the 8.5-hectare park, set up with European Union funding, will draw “significant investments” that could create “several hundred jobs” in future.


Industrial parks contribute to Hungary’s investment-friendly, competitive economic environment which was at the root of Hungary’s record year in 2021, despite the worldwide crisis, he said.


Sources of article/picture: Hungary Today


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