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Mol buys stake in Rossi Biofuel

Hungarian oil and gas company Mol Nyrt is buying a minority stake in the Hungarian unit of Rossi Beteiligungs GmbH and will build a plant to produce biodiesel, the company said in a stock exchange statement on Thursday.

Mol will purchase 25% worth of new shares in Rossi Biofuel Zrt worth €1.1 million. The two companies will build the new plant by November 2007. Mol wants to mix vegetable oil or other components into its petroleum-based diesel fuel to raise the content of biofuel. Mol said it selected six suppliers, including Rossi Biofuel, to supply the components. “This plant would help us satisfy increasing demand for biofuels,” Rossi Biofuel Managing Director Éva Hegedűs said at a press conference in Budapest today.
Mol and Rossi plan to spend €30 million to build the plant in Komárom, northwest Hungary, Artúr Thernesz, a Mol executive, said at the press conference. The facility, which would employ 35 to 50 people, is expected to produce 150,000 tons of biodiesel components a year. Mol will use about 120,000 tons of the plant's production at its refineries, Thernesz said.