The European Commission approved the state aid of EUR 131 million related to MOL Group’s investment in Tiszaújváros after finding that the aid - in accordance with the EU guidelines -, promotes the development of the region without distorting fair competition in the single market. The state aid will take the form of a corporate tax allowance - to be utilised following the commissioning of the new plant - and to a smaller extent a direct grant of EUR 37.7 million based on the relevant government decision. The cash grant for the project supervised by the Hungarian Investment Promotion Agency (HIPA) was approved by the Ministry of Foreign Affairs and Trade. This petrochemical investment will significantly contribute to the strengthening of MOL Group’s regional leadership position within and deliver substantial added value to the region.
