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2020-03-18 MOL Norge discovers oil and gas in the North Sea

BUDAPEST, 18 March 2020 - MOL Group’s wholly owned subsidiary MOL Norge AS and its joint venture partners have discovered oil and gas in an offshore field located about 200km west of Stavanger in the Norwegian part of the North Sea.

The exploration well in the 820S licence area was drilled to a maximum depth of 2,652 meters below sea level and oil and gas were found in a number of formations and were successfully tested for about 3,463 barrels of oil equivalent per day. The potential resources discovered in the main formation are between 12 and 71 million barrels of oil and gas equivalent.

The commerciality of the discovery will be determined later, following additional technical work.

MOL Norge AS with 40% working interest is the operator of the 820S license on behalf of partners Lundin Norway AS (40%), Wintershall Dea Norge AS (10%) and Pandion Energy AS (10%).

MOL Group entered Norway in 2015, through the acquisition of 100 percent ownership of Ithaca Petroleum Norge. The drilling program began in 2018, after the operator achieved readiness in record time without any setbacks in a highly regulated environment.
MOL Group’s exploration portfolio in Norway is aimed at supporting delivery of organic reserve replacement for the Group.

 

About MOL Group


MOL Group is an integrated, international oil and gas company, headquartered in Budapest, Hungary. It is active in over 40 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years in the industry. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production activities in 8 countries and exploration assets in 13 countries. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain management in Hungary, Slovakia and Croatia, and owns a network of about 1900 service stations across 10 countries in Central & South Eastern Europe.

Press contact:
@: internationalpress@mol.hu

2020-02-21 MOL Group 2019 results: robust EBITDA beat the upgraded guidance

  • Full-year 2019 EBITDA reached USD 2.44bn, above the upgraded guidance, despite most macro drivers turning negative in Q4, but decreasing 9% compared to last year
  • Upstream production increased in Q4 and full-year production reached 111mboepd, exceeding our 110mboepd guidance level for 2019; EBITDA was 17% lower than in 2018, primarily due to the weaker external price environment
  • Downstream CCS EBITDA decreased by 13% to USD 866mn, reflecting lower refining and petchem margins
  • Consumer Services EBITDA rose by 30% in local currency terms and by 24% in USD in Q4 2019, and increased 18% in 2019
  • Assuming 6 months contribution from the ACG assets in Azerbaijan, MOL Group expects to generate around USD 2.5bn Clean CCS EBITDA in 2020

 

Budapest, 21 February 2020 – Today, MOL Group announced its financial results for 2019. Despite the much challenging and volatile external environment at the end of the year, MOL Group generated USD 598mn Clean CCS EBITDA in Q4, bringing full-year Clean CCS EBITDA to USD 2.44bn, above the recently upgraded guidance. Simplified free cash flow declined compared to 2018 as the company is pushing forward with its strategic transformational projects, but remained positive in 2019 at USD 356mn.

 

Upstream production increased sequentially in Q4 and remained broadly unchanged in full-year 2019 at 111 mboepd, slightly above the guidance level. Due to the lower oil and gas prices, this volume generated 17% lower EBITDA compared to the 2018 results. Exploration and Production remained the key cash generator of MOL Group, providing a massive, nearly USD 700mn simplified free cash flow in 2019. In Upstream, MOL’s target for 2020 is twofold: to successfully complete the acquisition and to integrate the ACG assets that will add about 20,000 bpd to production; at the same time, the segment will continue to maximise value and cash flow generation of the existing assets through an efficient operation.

Downstream full year 2019 Clean CCS EBITDA dropped by 13% to USD 866mn, fully reflecting the weaker macro environment. In Q4 Clean CCS EBITDA declined to USD 191mn 21% lower compared to the last year’s fourth quarter as both refining and petchem margins were weaker at the end of last year, however refining margins were recovering in January-February 2020. Motor fuel demand growth remained very strong in the region in 2019, meaning a 3.4% increase that supported the Downstream segment.

The polyol project is on schedule and on budget; major construction site works boosted up in 2019 and the overall project completion is now at around 50%.

A final investment decision was made for the Rijeka Refinery Residue Upgrade project, aiming at turning INA’s Downstream into a sustainable and profitable business. The project includes the construction of a delayed coker with an expected commissioning in 2023.

Consumer Services was the “star performer” in 2019, EBITDA of the segment increased by 30% in Q4 2019 year-on-year in local currency terms (24% in USD), capped another strong year with double-digit earnings growth. The segment achieved several important milestones, including the non-fuel margin generation reaching 30% of the total margin by the end of the year. Accelerated non-fuel concept rollout continued: the number of reconstructed sites with Fresh Corners rose to 877 from 687 a year ago.

The Gas Midstream segment reached USD 71mn EBITDA in Q4, 48% higher than a year ago, as capacity demand rose significantly due to the uncertainty of Russia-Ukraine transit agreement. Operating expenses declined by more than 10% as fuel gas consumption and network loss decreased and so did the price of natural gas.

 

Chairman-CEO Zsolt Hernádi commented the results:

We delivered robust financial results in 2019, even slightly ahead of our upgraded EBITDA guidance despite a weaker external environment.

We also achieved important milestones along our 2030 transformation journey. We agreed to acquire major upstream assets in Azerbaijan, we have reached 50% completion at our flagship polyol project, while our Consumer Services business had another record-breaking year.

With our strong foundations and despite increasing global uncertainties, we look forward to 2020 with optimism. With the help of the new assets, we expect to grow our EBITDA to around USD 2.5bn, based on our mid-term base macro framework with a Brent crude price of around USD 60/bbl and assuming a more conservative petchem outlook. This shall again provide us enough cash flow to cover our investments into our strategic projects.” 

 

 

 

About MOL Group

MOL Group is an integrated, international oil and gas company, headquartered in Budapest, Hungary. It is active in over 40 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years in the industry. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production activities in 8 countries and exploration assets in 13 countries. MOL Group operates four refineries and two petrochemicals plants under integrated supply chain management in Hungary, Slovakia and Croatia, and owns a network of 2,000 service stations across 10 countries in Central & South Eastern Europe.

 

Press contact

@: internationalpress@mol.hu

2019-11-11 MOL Group completes acquisition of Aurora Group, strengthening position in recycled, sustainable plastics compounding segment

  • With the successful closing of the transaction, MOL Group strengthens its presence in recyclate-based compounds and its position as an automotive supplier.
  • MOL Group and Aurora are committed to further grow the business in Germany but also to expand to Central and Eastern Europe.
  • The acquisition contributes to MOL Group’s Enter Tomorrow 2030 strategy aiming transition from traditional fuel-based business model in Downstream to higher value-added petrochemical product portfolio.

Budapest, 11 November, 2019 Following satisfaction of customary transaction approvals, MOL Group announce that effective 31 October 2019, it has acquired 100% shareholding in Aurora, a German plastic compounder company. As a result of the acquisition, MOL Group is strengthening its position in recycled, sustainable compounding segment and in the automotive supplier industry.

MOL Group is a well-established virgin polymer supplier, continuously looking for opportunities to extend its petrochemical value chain towards higher added-value products. To reach this goal, MOL aims to widen the synergies with its current polymers product portfolio via both organic and inorganic developments, to gain expertise and high-end capabilities in both virgin-based and recycled plastic compounding. With the acquisition of Aurora, MOL Group is further expanding its product portfolio with Aurora’s excellence in engineering plastics and polypropylene recyclate-based compounds.

Aurora with its innovative products and business model are greatly complementing MOL Group’s current petrochemical portfolio and also contributes to its sustainability objectives. Aurora, with production plants located nearby automotive manufacturing and plastics conversion clusters in Baden-Württemberg, Germany has a unique and lean closed-loop business model. Aurora collects the industrial plastic waste, recycles it and then upgrades the properties of the material into an enhanced plastic that suits the requirements of the customers in the car manufacturing industry. By combining MOL Group’s experience and Aurora’s exceptional know-how, the long-term objective is to accelerate further market growth while relieving the burden on the environment.

The acquisition is another important milestone in MOL Group’s transformational journey to become the leading chemical player in CEE, after the partnering with German APK in plastic recycling. With Aurora in the portfolio MOL Group can increase its footprint in the automotive, a strategic segment for MOL, while addressing the increasing needs of its customers towards more sustainable products.

 “The recyclate-based products of Aurora greatly complement our current product line, underlining our increasing efforts towards sustainable development. As we strive to strengthen MOL Group’s presence as an automotive supplier, we recognized compounding as a key activity which we want to integrate in our business portfolio.” – said Ferenc Horváth, Executive Vice President of MOL Group Downstream.

Leading ESG (environmental, social and governance) rating agencies, including Dow Jones Sustainability Indices (where MOL is the only emerging European member), MSCI and Sustainalytics have confirmed MOL’s efforts in the area of sustainability and the transition to a low-carbon economy.

About MOL Group

MOL Group is an integrated, international oil and gas company, headquartered in Budapest, Hungary. It is active in over 40 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years in the industry. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production activities in 8 countries and exploration assets in 13 countries. MOL Group operates four refineries and two petrochemical plants under integrated supply chain management in Hungary, Slovakia and Croatia, and owns a network of 2,000 service stations across 10 countries in Central & South Eastern Europe.

Press contactinternationalpress@mol.hu

2019-11-04 MOL Group agrees to purchase a 9.57% stake in Azerbaijan’s ACG field and 8.9% in the BTC pipeline

  • The ACG oil field is Azerbaijan’s largest strategic oil asset, while the BTC pipeline is a crucial export route for the Azeri crude; post-completion MOL will be the third largest field partner in ACG
  • The transaction will be immediately EBITDA, free cash flow and EPS accretive to MOL and willadd around 20,000 barrel per day to net group production
  • The deal contributes to the further transformation of MOL’s upstream segment into an international business 
  • It is also in line with MOL Group’s 2030 strategy to maintain the resilient, integrated business model 

Budapest, [4] November 2019 – MOL has signed an agreement with Chevron Global Ventures Ltd and Chevron BTC Pipeline, Ltd to acquire their non-operated E&P and mid-stream interests in Azerbaijan, including a 9.57% stake in the Azeri-Chirag-Gunashli (“ACG”) oil field, and an effective 8.9% stake in the Baku-Tbilisi-Ceyhan (“BTC”) pipeline that transports the crude to the Mediterranean port of Ceyhan, for total consideration of USD 1.57bn (subject to adjustments at closing). Once completed, this transaction will make MOL the third largest field partner in ACG. 

The supergiant ACG field is Azerbaijan’s flagship oil producing asset covering 400 square kilometers and including six off-shore production platforms. It has been producing oil since 1997 and has an excellent 20 year-long operational track record. The country’s largest oil field is operated by the oil giant BP and produced on average 584,000 barrel per day in 2018. MOL Group will team up with world-class partners such as BP, Exxon, Equinor and SOCAR in this key strategic asset. MOL also acquires a stake in the BTC pipeline transporting crude oil from Azerbaijan to the port of Ceyhan, Turkey, on the Mediterranean Sea. 

MOL Group agrees to purchase a 9.57% stake in Azerbaijan’s ACG field and 8.9% in the BTC pipeline

This world-class asset will add around 20,000 barrel per day net to MOL’s production in the coming years and will also increase MOL’s proved and probable reserves materially.  

The new assets will immediately start contributing EBITDA and free-cash flow to the group after completion. ACG is a low-cost producing asset, with excellent production track record over the last two decades, which would be breaking even in a much lower-oil price environment. 

This transaction is an excellent fit to MOL’s current portfolio and the transaction contributes to the further transformation of MOL’s upstream segment into an international business by developing the company’s footprint in its core CIS region. The deal is in line with the transformation targets laid down in the 2030 strategy and it further strengthens MOL Group’s Upstream and Downstream integrated and resilient business model.   

The total consideration payable by MOL Group for the transaction is USD 1.57bn (subject to adjustments at closing) which will be financed from available liquidity of the company. 

“This major USD 1.57bn transaction is a significant milestone in building our international E&P portfolio, in one of our core regions, the CIS, where we will team up with world-class partners. Following the closing of the deal, around half of our production will come from outside the CEE region, giving us a healthy balance. With these new barrels we are also strengthening our resilient, integrated business model, which will continue to generate robust cash flow to finance the MOL 2030 transformational projects as well as rising dividends to our shareholders.” – commented Zsolt Hernádi, MOL Group’s Chairman-CEO.

„The ACG deal marks the beginning of a new chapter in MOL’s E&P story as we take a significant step to deliver on our promise of inorganic reserve replacement. By completing the ACG acquisition we are well positioned to preserve the excellent cash-flow generation ability of MOL’s E&P business for an extended period. MOL E&P has built a strong track record of delivering outstanding profitability over the course of the past three years and with this transaction we are continuing MOL E&P’s transformation to an international business, as promised in our MOL 2030 Strategy” – said Dr. Berislav Gaso, MOL Group, Executive Vice President for Upstream.

The transaction remains subject to government and regulatory approvals and is expected to close by Q2, 2020. 

About ACG and BTC 

ACG is the flagship oil producing asset of Azerbaijan encompassing six off-shore production platforms with an average production rate of 584,000 barrel per day in 2018. The ACG license area covers more than 400 square kilometers and is located nearly 120 kilometers off the coast in the Caspian Sea. ACG has been producing oil since 1997 and has been developed in several phases. ACG is operated by BP with a 30.4% stake, further stakes are held by SOCAR (25.0%), Chevron (9,57%) INPEX (9.3%), Equinor (7.3%), Exxon (6.8%), TPAO (5.7%), Itochu (3.7%), ONGC (2.3%). 

The 1,768 km long Baku-Tbilisi-Ceyhan (BTC) pipeline serves as the main transport route of oil produced by ACG from Baku, Azerbaijan, through Georgia to the deep water port facilities at Ceyhan, Turkey on the Mediterranean Sea.  

MOL Group agrees to purchase a 9.57% stake in Azerbaijan’s ACG field and 8.9% in the BTC pipeline

About MOL Group 

MOL Group is an integrated, international oil and gas company, headquartered in Budapest, Hungary. It is active in over 40 countries with a dynamic international workforce of 26,000 people and a track record of more than 100 years in the industry. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field.  

At the moment, there are production activities in 8 countries and exploration assets in 13 countries, with Azerbaijan becoming the 14th country in MOL’s upstream portfolio. MOL Group operates four refineries and two petrochemical plants under integrated supply chain management in Hungary, Slovakia and Croatia, and owns a network of 2,000 service stations across 10 countries in Central & South Eastern Europe. 

Press contactinternationalpress@mol.hu 

2019-10-31 MOL Group upgrades 2019 guidance after robust Q3 results

  • Full-year 2019 EBITDA guidance raised while capex guidance is unchanged
  • Clean CCS EBITDA remained nearly flat (-3%) at USD 689 mn, bringing Q1-Q3 EBITDA to USD 1.84 bn
  • Simplified free cash flow remained positive both in Q3 and year to date, despite organic capex nearly doubling year on year to USD 1.37bn as the company pushes forward with strategic transformational projects
  • Downstream CCS EBITDA improved by 4% year-on-year basis and Upstream EBITDA decreased due to low hydrocarbon prices, but MOL’s integrated business model provides a natural hedge for oil and gas price volatility
  • Consumer Services EBITDA rose by 15% in local currency terms and by 10% in USD

Budapest, 31 October 2019 – Today, MOL Group announced its financial results for the third quarter of 2019. Despite a weaker macro environment and much lower oil and gas prices, strong Q3 EBITDA allows MOL Group to raise 2019 full year guidance to „around USD 2.4 bn” from „around USD 2.3 bn.

Upstream EBITDA declined to USD 235mn in Q3, reflecting lower oil and significantly lower gas prices. The volume of hydrocarbon production slightly decreased by 1 % year-on-year in Q3 and stood at 107,500 barrels of oil equivalent per day (boepd), but year to date production of 112 thousand boepd remains above the full-year guidance.

Downstream segment’s Clean CCS EBITDA improved by 4 % to 272mn USD in the third quarter, as refinery margins rebounded from the H1 decrease. Motor fuel demand continued to expand by 3% in the relevant CEE region and supported the downstrem results. MOL’s biggest ever organic investment, polyol plant construction site works boosted up in Q3 and progresses as scheduled.

Consumer Services reached new all-time high quarterly result at USD 161mn, up by 10% year-on-year as both non-fuel and fuel margins expanded further, and the segment benefits from the strong regional fuel demand trends as well. MOL’s flagship Fresh Corner branded non-fuel concept rollout dynamically continues across the network, the number of reconstructed sites with Fresh Corners rose to 794 from 615 a year ago.

The Gas Midstream segment reached USD 27mn EBITDA in Q3, 8% higher than a year ago.

Chairman-CEO Zsolt Hernádi commented the results: “The strong financial delivery of our resilient, integrated business model in the first 9 months allows us to upgrade our full-year 2019 Clean CCS EBITDA guidance to around USD 2.4bn (from around USD 2.3bn). We also continue to generate positive simplified free cash flow, thus fully funding even the nearly doubling organic investments, as we push forward with our strategic transformational projects. The flagship polyol plant remains on track and on schedule, with major construction site works boosted up in Q3 and overall completion now exceeding 35%.”

About MOL Group

MOL Group is an integrated, international oil and gas company, headquartered in Budapest, Hungary. It is active in over 40 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years in the industry. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production activities in 8 countries and exploration assets in 13 countries. MOL Group operates four refineries and two petrochemicals plants under integrated supply chain management in Hungary, Slovakia and Croatia, and owns a network of 2,000 service stations across 10 countries in Central & South Eastern Europe.

Press contact

@: internationalpress@mol.hu

2019-10-30 MOL has agreed with its Russian partners on compensation for damages by contaminated crude oil

  • The MOL Group has agreed with Russian companies Lukoil and Transneft on compensation for damages by contaminated crude oil.
  • Pursuant to the agreement, the Russian partners will compensate for MOL Group’s financial damages caused by the incident, including the costs of purification of the crude oil received.
  • At the same time, the MOL Group and Lukoil also extended the supply contract between the two companies until 2025.

Budapest, 30 October- Zsolt Hernádi, President and CEO of MOL, Vagit Alexperov, CEO of Lukoil and Nikolay Tokarev, CEO of Transneft have signed an agreement on 30 October in Budapest in which the Russian parties guarantee compensation to the MOL Group for damages by the spring contamination of the Druzhba Pipeline. At the same time, the parties signed a letter of intent to extend the supply contract between MOL and Lukoil until 2025.

The MOL Group has agreed with Russian companies Lukoil and Transneft (a partner operating the Druzhba Pipeline) to compensate for damages by contaminated crude oil delivered in the spring through the fault and as a result of wrongful acts of third parties. Pursuant to the agreement, the Russian partners will compensate for MOL Group’s financial damages caused by the incident, including the costs of purification of the crude oil received. Thanks to cooperation of the companies involved, this contamination has not caused any interruption anywhere in fuel production.

 At the same time, the MOL Group and Lukoil signed a letter of intent to extend the supply contract between them until 2025.

“There is a decade-long good relationship between the MOL Group and these Russian companies. Since 2005, Lukoil has been delivering crude oil to Hungary and Slovakia steadily and reliably. Today, we have reinforced this good relationship with our letter of intent for crude oil supply. At the same time, Hungary managed to be the first country to close this case of crude oil contamination. Our Hungarian supply security system and our good partnership with Russian company have both stood the test excellently. Our Russian partners have assured us that they will reimburse our costs incurred in managing the situation. We have a good relationship with our Russian partner companies and are interested in preserving it,” said Zsolt Hernádi, President and CEO of MOL Group.

Background:

In the spring of 2019, a significant amount of contaminated crude oil was released into the Druzhba Pipeline through the fault and as a result of wrongful acts of third parties. On 26 April, MOL decided to temporarily suspend the receipt of crude oil via the Pipeline, thus preventing the entry of contaminated oil into our country. MOL made this decision to ensure complete safety, despite the fact that until then, only the crude oil having entered MOL’s pipelines was compliant with relevant standards (with a contamination level below 10 mm). MOL and its Russian partners immediately started to work out a safe solution which could be achieved as soon as possible.

To resolve this situation, MOL undertook in early May to remove some of the contaminated oil from the pipeline, which would be stored and rendered reusable after mixing with clean crude oil, in cooperation with its Russian partners. MOL would handle this oil according to stringent safety requirements, in a securely locked place. MOL would dissolve contaminated crude oil by mixing with pure crude oil and neutralize the chlorine-containing compound in the contaminated part.

2019-09-27 The foundation stone for polyol complex – MOL’s 1,2 billion EUR petrochemical investment - has been laid in Tiszaújváros

  • The polyol complex is expected to be commissioned in 2021 and will create 200 jobs in the operating period.
  • With a budget of EUR 1.2 billion, also supported by the Hungarian government through tax allowances and an investment grant, this project is MOL's largest ever organic investment.
  • The plant will feature state-of-the-art technology and will be built by Germany’s thyssenkrupp Industrial Solutions

Tiszaújváros, 27 September 2019 – The foundation stone for the Tiszaújváros polyol plant has been laid. The plant is expected to be commissioned in 2021. MOL will invest EUR 1.2 billion to construct the plant which will be able to produce around 200,000 tons of polyols per year.

Zsolt Hernádi, Chairman and C-CEO of MOL Group, Dr. Sami Pelkonen, CEO Chemical & Process Technologies at thyssenkrupp Industrial Solutions, Ferenc Koncz, Member of the Hungarian Parliament and Mihály Varga, Finance Minister, took part at the foundation stone laying ceremony. MOL Petrochemicals in Tiszaújváros will be the only company in Hungary and the entire Central and Eastern European region with an integrated value chain from crude oil extraction to the production of polyether polyols (widely used raw materials in plastics). The polyol project will provide long-term employment opportunity for 200 people.

Expected to start production in 2021, the plant is the largest organic investment project in MOL’s history, with a total budget of EUR 1.2 billion including the investment aid of the Hungarian government of EUR 131 million (a combination of corporate tax allowance and cash investment grant). According to MOL’s estimates, the plant will contribute approximately EUR 150 million per annum to MOL Group’s financial results (EBITDA). Polyol is an important and highly sought-after plastic raw material that is used in numerous industries, from automotive manufacturing to construction to the clothing industry. The Tiszaújváros complex will produce polyol using efficient and environmentally friendly technologies such as the HPPO process (propylene oxide from hydrogen peroxide) developed by thyssenkrupp and Evonik.

“This investment project will make MOL Group one of the most important players in the region’s chemical industry, with MOL being the only Central and Eastern European company to control the entire value chain from crude oil extraction to polyol production,” said Zsolt Hernádi. - "Once commissioned in 2021, the plant will further enhance the position of Tiszaújváros in the chemical industry, as the expertise and the new production infrastructure established here may attract additional investors to the area."

“Today marks an important step for the transformation of the chemical industry in Hungary as well as for the cooperation between MOL and thyssenkrupp,” said Dr. Sami Pelkonen. ”With its Vision 2030, MOL is pursuing an ambitious growth agenda. We are proud and sustainably committed to support this vision and to contribute with our technologies and know-how to an innovative and sustainable chemical sector.”

One of the cornerstones of MOL Group 2030 - Enter Tomorrow strategy is to expand the company’s petrochemicals value chain and produce more valuable products. The polyol plant and the previously opened synthetic rubber plant are the milestones of this strategy. The synthetic rubber plant of MOL Group and the Japanese JSR Corporation produces 60,000 tons of solution polymerization styrene-butadiene rubber (S-SBR), a highly sought after chemical product globally. The most important feedstock of S-SBR is butadiene, which is produced by MOL at an adjacent plant commissioned in 2015.

Brief summary of MOL Group Petrochemicals
In line with its 2030 strategy, MOL Group is expanding its petrochemical value chain towards semi-mass-produced and special chemical products in order to become the leading chemical industry actor in the Central Eastern European region. Due to its wide range of application opportunities, polyether polyol, which is the raw material for polyurethane foams, represents the main direction of MOL's petrochemical development. It is also used, for example, in the automotive, construction, packaging and furniture industries. MOL aims to be a strategic partner for polyurethane producers in the region, based on its fully integrated value chain, state-of-the-art technological equipment and outstanding service standards.

About MOL Group
MOL Group is an integrated, international oil and gas company, headquartered in Budapest, Hungary. It is active in over 40 countries with a dynamic international workforce of 26,000 people and a track record of more than 100 years in the industry. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production activities in 8 countries and exploration assets in 13 countries. MOL Group operates four refineries and two petrochemical plants under integrated supply chain management in Hungary, Slovakia and Croatia, and owns a network of 2,000 service stations across 10 countries in Central & South Eastern Europe.

About thyssenkrupp Industrial Solutions
The Industrial Solutions business area of thyssenkrupp is a leading partner for the engineering, construction and service of industrial plants and systems. Based on more than 200 years of experience we supply tailored, turnkey plants and components for customers in the chemical, fertilizer, cement, mining and steel industries. As a system partner to the automotive sector we develop highly specialized solutions to meet the individual requirements of our customers. Around 16,000 employees worldwide form a global network with a technology portfolio that guarantees productivity and cost-efficiency to the highest extent possible.

Press contact:

@: internationalpress@mol.hu

2019-09-19 113 Growwwers joined MOL Group this year

  • Real professional experience and international career opportunities await fresh graduates at MOL Group.
  • In addition to the professional challenge, the Mol’s Growww program also provides excellent networking opportunities.
  • Participants of the Growww program represent 18 nationalities and they have started their work in 10 countries.

Budapest, 19 September 2019 – More than hundred young professionals started their international careers in September 2019 at MOL Group’s Growww program for fresh graduates. Throughout the program, mentors help young colleagues to integrate faster into the corporate environment and work more efficiently. Since its launch, the program, with above 80% retention rate, has enabled more than 2,300 talented young people to work for the company worldwide.

In 2019, 113 applicants could start their careers in Upstream (17), Downstream (53), Innovative Businesses and Services (30) and Functional Areas (13), as part of MOL Group's Growww program. Applicants for the various positions could apply with a maximum of one year long work experience to the headquarters in Budapest and to local subsidiaries. This year, besides fresh graduates from Austria, the Czech Republic, Croatia, Hungary, Italy, Norway, Poland, Romania, Slovakia and Slovenia, talents from Colombia, Egypt, Iran will also participate. Growwwers represent 18 nationalities, half of them are women and they have started their work in 10 countries.

During the intensive 12-month long program, newly recruited students will learn about and experience the operation of the oil and gas industry while facing serious business challenges. In addition to gaining professional knowledge, they also have the opportunity to explore their personal development and potential. At the beginning of the program, each participant receives their own mentor who helps them through initial difficulties and later on, they provide feedback and guide them in their professional development.

Next to dealing with professional challenges and building a career, Growww program also provides opportunities for young talents to create their own network with experts and executives of the company and establish a true professional cooperation.

„Over the last decade, the Growww program has gained wide regional recognition and we are proud that it has became a real industry trademark for MOL, with an exceptional retention rate of more than 80%. At the same time, half of the participants are female graduates this year, well above the oil & gas industry average” - said Zdravka Demeter Bubalo, HR Vice President at MOL Group at the Growww Onboarding Day where top executives welcomed Growwwers from 10 countries.

About MOL Group
MOL Group is an integrated, international oil and gas company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 26,000 people and a track record of more than 100 years in the industry. MOL’s exploration and production activities are supported by more than 80 years’ experience in the hydrocarbon field. At the moment, there are production activities in 8 countries and exploration assets in 13 countries. MOL Group operates four refineries and two petrochemicals plants, under integrated supply chain management, in Hungary, Slovakia and Croatia, and owns a network of nearly 2,000 service stations across 10 countries in Central & South Eastern Europe.

Press contact:
MOL Communication Hungary
@: pressoffice@mol.hu

2019-06-26 Interior look of the new headquarters of MOL revealed

  • Unique solutions will yield extraordinary office spaces that give co-working a new meaning.
  • Huge glass surfaces will allow 90% of all workspaces to be bathed in natural light.
  • MOL Campus will feature a skydeck at 120 meters high, which will be open to the public.

Budapest, 26 June 2019. – MOL Group has published the interior designs for its new headquarters, MOL Campus on the project’s website. The building will incorporate numerous unique solutions and will provide a state-of-the-art working environment for 2500 employees.

One and a half years after the initial announcement for the unique company headquarters to be built in Budapest, the project has reached a new milestone. Having laid down the building’s foundation stone, the company has published interior design visualizations on molcampus.hu. The building is designed in line with MOL Group’s 2030 strategy to support innovative, transparent and flexible working patterns.

We want to create a building that is not simply an office block but rather a contemporary creative center, an environment where our employees will be happy to work even some decades into the future – Péter Ratatics, MOL Hungary’s managing director said. It is clear that the needs and work habits of generations Y and X are different from those of earlier generations, and we must adapt to these changes. For a company to remain competitive, it needs innovation, which must be reflected in the work environment as well. Just the announcement that we will build the Campus is already an inspiration for MOL’s staff: we did extensive brainstorming before design of the interior spaces began.

In building the new headquarters, the company’s goal is to create the most innovative work environment in Hungary, one that will offer an attractive, inspiring and exciting place to work for young talent as well.

The interior space is created by Berlin-based interior design company KINZO* with a focus on ensuring that the work environment supports the strategic goals of the MOL Group, increases effectiveness and be tailor-made and people-oriented. Offices are designed according to the ABW (Activity-based Workplace) model, which means that each employee will be able to choose the work environment to suit their tasks and activities and will have the flexibility to move somewhere else at any time.

The tower will be made up of three-storey units called triplets. Depending on their size, the various organizational units will either occupy an entire triplet or share it with other units. Employees will be free to choose any workspace within their own triplet. Larger community workspaces will also be available, including the „Library”, designated to quiet work, the pleasant „Office Garden” with a plethora of greenery, the panoramic Skylab and other co-working areas.

In addition to bringing unique office concepts to Budapest, the MOL Campus will also be the greenest office building in the city. The huge glass surfaces will allow 90% of work to be performed by natural light. The building's electricity needs will in part supplied by photovoltaic panels, and MOL agreed to source 10% of the materials used in the internal spaces from recycled sources or local production.

At 120 m high, the 28-storey MOL Campus will be the tallest building in Budapest. It is being built not for MOL’s employees but for all the people of Budapest: the building’s skydeck will be open to the public.

Please find more information and pictures of MOL Campus at www.molcampus.hu   

*KINZO has created interior designs for ambitious office buildings such as the ERSTE Campus in Vienna, the Adidas headquarters in Herzogenaurach and the SoundCloud office block in Berlin. KINZO is working with Minusplus as its local partner.

The architectural designs for MOL Campus have been created by the prestigious London-based architect firm Foster + Partners. In addition to the external appearance of the building, they are also responsible for designing certain internal community spaces, in coordination with KINZO. The architects’ Hungarian partner in developing the plans for the building is FintaStúdió.

2019-05-14 MOL is building a new rubber bitumen plant in Zalaegerszeg, Hungary

  • The construction of the new MOL rubber bitumen plant will begin as a brownfield investment
  • With a capacity of 20,000 tons per year, production can start next year
  • Thanks to rubber bitumen more durable, pothole-free asphalt roads can be built with higher load capacity and less maintenance costs
  • The plant recycles used tires

Budapest, 02 May 2019 – The foundation stone of the new rubber bitumen plant has been laid in Zalaegerszeg, Western Hungary in the area of the Zala Refinery. 75% of the HUF 3 billion investment is provided by MOL from its own resources, and 25% is financed through the Hungarian government’s Enterprise Investment Support Program.

Hungary’s Minister of Finance Mihály Varga, Zalaegerszeg Mayor Zoltán Balaicz and MOL Chairman-CEO Zsolt Hernádi has laid the foundation stone of the new rubber bitumen plant in Zalaegerszeg.

The rubber bitumen plant is expected to start production next year, with the capacity of 20,000 tons per year. MOL’s rubber bitumen can be used to build more durable asphalt roads with higher load capacity and less maintenance costs. The durability is well illustrated by the fact that there is no pothole on any of the roads made with rubber bitumen, although the oldest experimental roadway is 15 years old.

The rubber bitumen, which is produced using environmentally friendly technology will be used primarily in the domestic market for road construction. The patented technology is the result of a collaboration between MOL and Pannon University. The new HUF 3 billion ($10.3M) plant uses 3,000 tons of crumb rubber annually to produce rubber bitumen, which contributes to the recycling of about half a million used tires. This amount is 8-10 percent of the annual domestic tire waste. The annual production of 20,000 tons of rubber bitumen will enable the construction of a 200 km 2x1 lane road, or the renovation of the upper layer of a 600 km 2x1 lane road.

“The Hungarian government grants HUF 750 million support to MOL within the framework of the Enterprise Investment Support Program. The construction of MOL Group’s new plant contributes to better quality roads in Hungary.” said Mihály Varga, Minister of Finance at the foundation stone-laying ceremony.

“In our 2030 strategy we have a strong focus on the production of environmentally friendly, small-scale, innovative goods. We are eager to lead change: we are the only company in the CEE region that has a proprietary patent to the rubber bitumen technology. According to the calculations the cost of the road made with rubber bitumen can be lowered by 30% during its 30-year lifecycle. This cost-reduction will stimulate the widespread use of rubber bitumen in the national economy. So in addition to helping the environment with the eco- friendly solution, we are playing our part in creating quieter and pothole-free roads in Hungary.” – said Zsolt Hernádi, MOL Group Chairman and CEO.

In the Zala region, MOL has been producing hydrocarbons for over 80 years and has been refining for over 65 years. The Zala Refinery, a 5,000-ton capacity rubber bitumen plant was launched in 2012 and the new plant will be built to respond to increased demand. The new plant will contribute to the efficient operation of the Zala Refinery and will secure refinery jobs for some 100 workers.

In the past six years, 60 km of road has been built or renewed in Hungary using rubber bitumen, which means the utilization of rubber grist from some 150,000 used car tires.

(Caption reading left to right)

Zsolt Hernádi, MOL Group Chairman and CEO meets Hungary’s Minister of Finance Mihály Varga

 

BACKGROUND

About the development of MOL’s rubber bitumen

The new manufacturing technology of crumb rubber, which is made from bitumen and waste tires, was developed jointly by MOL and Pannon University. Chemically stabilized MOL Rubber Bitumen was patented in 2009, and in 2014 it was awarded the Environmentally Friendly Product Trademark. MOL Rubber Bitumen has received many domestic and international awards. Among other things, it won the Environmental Innovation Award in 2015 at the Hungarian Innovation Grand Prix competition. It also won the “Innovative Product of 2016” award of IChemE (Institution of Chemical Engineers), in a strong international field, out of 23 applicants.

In the 2000s, MOL started working on the domestic production of rubber bitumen, which was already used abroad. According to the procedure applied in the US, the rubber bitumen is made at the road construction site, because it has to be used within a few hours due to the extraction of rubber particles, and because the production of asphalt requires special equipment. In order to create a new product that can be handled in the same way as normal road bitumen, in co-operation with Pannon University, MOL has developed the so-called chemically stabilized rubber bitumen. MOL’s patented technology ensures that the rubber bitumen can be transported, stored and used later, so it can be manufactured on a large scale and can be used away from the production site.

The advantages of rubber bitumen road construction compared to conventional road construction bitumen

  • Approx. 1.5 times longer lifecycle.
  • Its fatigue properties are excellent, so the asphalt road is less cracked.
  • Larger load capacity, lower tear tendency.
  • Excellent adhesion to minerals reduces the chance of potholes developing.
  • Longer lifetime and better resistance to environmental impacts result in lower maintenance costs.
  • Significantly less road noise can be achieved, so it is not always necessary to build a noise-proof wall.
  • Improved traffic safety due to the reduced braking distance, which has a significant risk mitigation effect, especially in rainy weather or near pedestrian crossings.
  • Sustainable economic development is greatly enhanced by the use of the new road construction material, the waste tire, in road construction.
  • It recycles waste rubber materials in accordance with EU guidelines. Considering the large-scale use of capital for road construction, its use could mean actual national economic advantages.
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