MOL Announces ‘Shape Tomorrow’ Strategy
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 25,000 people and a track record of more than 80 years in the industry.
MOL is committed to continue working towards climate neutrality along a smart transition path, also keeping an eye on energy supply security and economic competitiveness, besides sustainability.
As one of the most dominant O&G players in the CEE region, MOL is highly committed to contribute to the transition goals set on the EU and national levels.
Given the lessons learnt under the COVID and Ukraine crises, and more certainty about international and national regulatory requirements, MOL has been able to set out a more precise transition path until 2030 that will continue and eventually result in net climate neutrality by 2050.
They want to succeed this via Company’s “Shape Tomorrow” strategy which focuses on using hydrogen as a fuel. Board of Directors formally approved a review to the Company’s “Shape Tomorrow” strategy on 13 March 2024. Big part of that plan is building a hydrogen plant in Százhalombatta, Hungary.
MOL Inaugurates the Largest Green Hydrogen Plant in Central and Eastern Europe
MOL Group has handed over a 1 0MW capacity green hydrogen plant in Százhalombatta which is the largest in Central and Eastern Europe. The €22 million investment makes fuel production more sustainable: the plant will reduce the Danube Refinery’s carbon dioxide emissions by 25,000 tons.
The new technology will gradually replace the natural gas-based production process, which currently accounts for one sixth of the MOL Group’s total carbon dioxide emissions. The plant will start producing in the second half of 2024: MOL will use the green hydrogen primarily in its own network for fuel production.
MOL Group’s goal is to provide the solutions for tomorrow: the green hydrogen plant in Százhalombatta, with a 10 megawatt electrolysis unit created by Plug Power produces around 1,600 tons of clean, carbon-neutral green hydrogen per year.
Plug Power’s electrolysis equipment uses electricity from renewable sources to break down water into hydrogen and oxygen. This means that no polluting by-products are generated and, in fact, the plant produces 8-9 tons of pure oxygen per ton of hydrogen.
The US Company has offered MOL an innovative and reliable technology: the hydrogen generators, optimized for the production of pure hydrogen, have almost 50 years of operational experience.
Using this technology, they are able to achieve the same emissions reduction as if they took roughly 5,500 cars off the road overnight
MOL Group has reached another milestone and can now produce green hydrogen without producing any greenhouse gases. Using this technology, they are able to achieve the same emissions reduction as if they took roughly 5,500 cars off the road overnight. That is surprising and yet something everybody must expect from the hydrogen – fuel of the future.
“Today, our new green hydrogen plant is only making MOL’s industrial operations greener, but tomorrow it will offer solutions for the whole industry and hydrogen mobility. After Száhalombatta, we will take the technology to the other two fuel production units of the group to make the fuel production process more sustainable at each of MOL Group’s refineries.’’ said József Molnár, CEO of MOL Group, at the inauguration ceremony of the new green hydrogen plant.
“We do not believe in a dogmatic approach, we are looking for smart solutions. We are moving forward in a sober, pragmatic way enabling the green energy transition while uncompromisingly guaranteeing security of energy supply, the competitiveness of our company and value creation for our shareholders.’’ – said Zsolt Hernádi, CCEO MOL Group.
The investment is in line with the MOL Group’s SHAPE TOMORROW corporate strategy which aims to make the region more sustainable, competitive and self-sufficient.
Byline: Petra Cotic
