thyssenkrupp and Evonik will take part in MOL Group's Polyol project

thyssenkrupp in partnership with Evonik signed the contract with MOL Group on the delivery of technology licenses and process design packages for the so called HPPO (hydrogen peroxide to propylene oxide) technology of propylene oxide production.

MOL Group has entered into key contracts related to core technologies of the Polyol Project, which was announced in 2016 as part of the first investment cycle of the MOL 2030 long-term strategy. The licensor of the hydrogen-peroxide unit for captive use is Evonik, while a consortium formed by Evonik and thyssenkrupp Industrial Solutions licenses the propylene oxide unit. The contracts also contain binding offers and pre-agreements regarding the later engineering and execution phases of the HPPO units by thyssenkrupp and the purchase of proprietary catalysts from Evonik. The signing of these license contracts marks the beginning of this major investment project that is of strategic importance for MOL, as well as the beginning of a long-term partnership between MOL Group, Evonik and thyssenkrupp.

The planned new industrial complex consists of the HPPO plants having 200 kt/year propylene oxide production capacity,
several production lines for polyether polyols, utilities and other infrastructural investments.

Zsolt Hernadi, MOL Group Chairman-CEO commented: „Today's agreement with our renowned partners marks an importantstep in the implementation of the MOL Group 2030 strategy, which will transform MOL Group into the leading chemicalcompany in CEE. a first decisive investment step, we will spend up to USD 1 billion on the Polyol Project and thus becomea significant European player. The innovative and environmentally friendly technology will not only enable us to become the only integrated polyol producer in our region, but will also be a doorway to enter other, highly profitable areas of the chemical industry."

Johannes Ohmer, Member of the Board of Management of Evonik Resource Efficiency GmbH, explained: "The Polyol Project is a good example where strong partners combine their specific strengths to powerfully and successfully join forces and in doing so building the foundation for a long-lasting and trustful strategic partnership. Evonik will contribute with its advanced technology know-how and operation experience as well as the outstanding performance of its proprietary catalysts, ,4s an innovative and reliable partner we stand for resource-efficient and thus sustainable solutions."

Sami Pelkonen, CEO of the Electrolysis & Polymers business unit at thyssenkrupp Industrial Solutions, said: "We are proud to enter into this long-term license agreement which will allow MOL to produce high-quality propylene oxide through an extremely cost-effective process. The process, which offers efficient feedstock consumption, environmentally-friendly production and low capital investment, was developed based on our strong expertise in process engineering and the design and construction of chemical and other industrial plants jointly with our partner Evonik."

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