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Slovnaft unit may invest millions in building petrochemical plant

October 19/2010

(Bloomberg) -- Slovnaft AS, the Slovak unit of Hungarian refiner Mol Nyrt., may invest several hundred million euros in building a new petrochemical plant for products with higher added value.

 

A decision will be made by Mol executives in the coming months, Slovnaft Chief Executive Office Oszkar Vilagi said in an interview on Oct. 14.

 

Slovnaft, the third-biggest non-financial company, is seeking to refocus on more sophisticated chemicals to make it less dependent on fluctuations in the economy, whose recent slowdown cut demand for fuel, Vilagi said. 


Petrochemicals such as polyethylene accounted for about one-fifth of Slovnafts first- half sales of 1.22 billion euros ($1.7 billion), with the rest stemming from refinery products.

 

Over the past three years, Slovnaft has already spent 40 million euros to boost the capacity of its ethylene unit and make production more energy efficient.


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