Budapest – Mol, the Hungarian petrochemical company, has confirmed its polyol expansion project will reach full capacity by 2023.
Fluor will project-manage the build in Tisaujvaros, Hungary, according to information in an investor briefing this month.
Thysenkrupp will license the polyether and propylene glycol technology to be used. The European Commission has agreed EUR 130m regional investment aid for the project, said Mol.
The company confirmed that it will increase capacity at the site from 150 kT/year to 200 kT/year.
Construction is likely to run between 2018 and 2021, and the total cost will be about EUR 1bn, said Mol.
Polyol demand in the European Community is increasing by 3% compounded each year, said the company. It expects production to be a 150 kT/year short of consumption in the region by 2023.
There are no other capacity additions underway in Europe at the moment, the company added.
Mol told investors that EC polyol production capacity looks like this: