MOL unit to invest €300m in plastics production
Slovnaft, the Slovakian unit of Hungarian oil and gas company MOL, plans to invest €300m in plastics production, Slovnaft chairman Oszkar Vilagi said at a press conference on Thursday.
Slovnaft aims to boost its competitiveness in the area of plastic products and improve the ecological parameters of production, Mr Vilagi said. The investment, together with others, is expected to "contribute to the reinforcement of (the company’s) financial and operating security", he added.
Slovnaft is investing €150m in the modernisation and expansion of its heat plant and another €60m in the reconstruction of the Adria oil pipeline.
Slovnaft’s new plastics production unit will not only replace capacity of its existing seven production lines, but will raise polyethylene output by 42,000 tonnes to 220,000, Mr Vilagi said. The plant will use less energy too, he added.
The new plant is expected to be completed in 2015. It will employ 500-600 people.
The plant will be built by Slovnaft’s wholly-owned subsidiary Slovnaft Petrochemicals, which turns out an annual 435,000 tonnes of polyethylene a year.
ADVERTISEMENT
Investment Fund Net Subscription Reaches HUF 192 bln in Apr
Parl't Approves Amendments to Legislation on Judiciary
The Social Aspect of ESG is Now Inescapable
Tourism Nights Slightly up in April 2023
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.
