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Brussels clears state aid for MOL investment

The European Commission on Wednesday cleared the provision of EUR 131 million in state aid for an expansion of oil and gas company MOLʼs petrochemicals plant in the underdeveloped northeast of the country, Hungarian news agency MTI reported.

The EC found that the state aid merely compensated for the costs incurred by carrying out the job-creating project in Tiszaújváros, rather than an alternative location, and concluded that "the positive effects of the project on regional development clearly outweigh any distortion of competition."

The state aid supports a total investment of EUR 874 million to add polyols, an essential component of polyurethane which goes into furniture, building materials and car parts, to the production palette at MOL Petrolkémiaʼs plant in Tiszaújváros.