MOL to build USD 13 mln bitumen plant in Tatarstan

Automotive

Hungarian oil and gas company MOL will build a USD 13 million bitumen plant in Tatarstan with a local partner, Minister of Foreign Affairs and Trade Péter Szijjártó said on Monday, after a meeting with Tatarstanʼs Deputy Prime Minister Albert Karimov in Budapest, according to a report by state news wire MTI.

Preparations for the investment are underway and MOL is in talks with the government on how much state grant money will support the project, Szijjártó said.

MOL is partnering with Tatarstanʼs Tatneft on the project.

Szijjártó noted that bilateral trade between Hungary and Tatarstan exceeded USD 500 mln last year. Hungary is the only European Union member state with a diplomatic mission in the republic, he added.

Karimov noted that bilateral trade between the two countries rose 15% last year.

He welcomed the "even closer ties" between MOL and Tatneft.

Karimov said the talks with Szijjártó had touched on potential opportunities in the car and machinery manufacturing industries, on the production of gas-powered vehicles and on Hungarian companies who seek to invest in the region.

ADVERTISEMENT

Századvég raises GDP forecast to 7.8% Analysis

Századvég raises GDP forecast to 7.8%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New editor-in-chief at Betone Studio Appointments

New editor-in-chief at Betone Studio

Budapest leaders make public transport free for under-14s City

Budapest leaders make public transport free for under-14s

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.