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Hungarian oil company MOL decides on giant investment

The board of MOL Nyrt approved a development program on its refinery on the Danube side, which will result in an increase in oil production of 1.3 million tons per year.

According to the press release, the program consists of 3 main elements. First of all, the reconstruction of the distillery will increase the processing capacity by 1.3 billion tons. Secondly, the conversion level of the refinery is to be increased by 1.5 million tons. And finally, the capacity of heavy waste processing will be extended by 300 kilotons. The Ft 77 billion ($414 million) investment program will complete in 2010, and, as one of Hungary's largest industrial development program, the positive effect of the investment will be visible on a state budget level. The development works will secure jobs to several hundreds of people for the coming years. (Gazdasági Rádió, Magyar Hírlap, Napi Gazdaság)