MOSCOW (MRC) -- MOL Group has acquired ReMat Zrt., a recycler with production plants located in Tiszaujvaros and Rakamaz, Hungary, and a logistics hub in Bratislava, Slovakia. ReMat is a market leading plastics recycler in Hungary with an annual processing capacity of 25,000 tons and almost 200 employees, as per the company's press release.
The transaction fits into MOL’s portfolio and its goal to become a key player in the low carbon circular economy in Central and Eastern Europe.
ReMat is Hungary’s market leader in plastics recycling, using plastic waste from communal and industrial sources. The company prepares a wide range of polyethylene and polypropylene regranules and tailor-made products. ReMat has automatic selecting system, cleaning and regranulating equipment from leading manufacturers that can process up to 25,000 tons annually. With this acquisition, MOL will be able to develop tailor-made virgin and recyclate solutions to fulfill the ever-increasing demand of its customers for circular materials.
MOL Group launched its “Shape Tomorrow” 2030+ Strategy last February, fully integrated with a new sustainability strategy, and started to act already to deliver on it. One of the main pillars of the Strategy is integrating circular economy in MOL’s operation, the company will spend USD 1bn in the next 5 years on new circular economy and green projects. Waste integration and utilisation is a key element of the new sustainable approach.
"We need plastic for our everyday life, plastic is good, what we don’t like is untreated plastic waste that is polluting the planet. MOL has started to invest in the circular economy, because we all want to live in a better environment; and for that we need more recycled goods. In addition, there is an increasing need from our customers for recycled material so good cause meets here with good business opportunities. With that in mind, in the last couple of years we started to build a strong portfolio around recycling. And we won’s stop here: for a net zero economy, we also have to use all kinds of waste as a resource, in a much more clever way than how we do today. Our goal is to become a key player in the low-carbon circular economy in Central and Eastern Europe and this acquisition is a major step towards this fascinating goal” - said Gabriel Szabo, Executive Vice President of MOL Group Downstream.
As MRC reported earlier, MOL Group (Budapest, Hungary) has recently announced that Rossi Biofuel (a joint venture wherein MOL Group and Envien Group are the 25-75% owners) inaugurated a new plant in Komarom, Hungary, which will significantly increase the biofuel production volume in the country. With this investment, MOL Group and Envien Group launched a technology in Europe that can boost greenhouse gas savings by more than 85%. With a capacity of 50,000 tons per year, the plant is the first in Europe to use the RepCat technology offered by Austrian firm BDI-BioEnergy International GmbH, which is highly flexible in terms of raw materials - it allows the processing of greasy wastes of different types and origins, such as used cooking oils, trap grease, animal fats or residues from vegetable oil production. Biodiesel produced in this way is one of the most climate-friendly fuels.
We remind that in March 2021, MOL became a biofuel producer through the realization of an investment in the Danube Refinery. Bio feedstock will be co-processed together with fossil materials increasing the renewable share of fuels and reducing up to 200,000 tons /year CO2 emission without negatively affecting fuel quality.
MOL Group is an international, integrated oil, gas, petrochemicals and consumer retail 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 100 years. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain management in Hungary, Slovakia and Croatia, and owns a network of almost 2000 service stations across 10 countries in Central & South Eastern Europe. MOL’s exploration and production activities are supported by more than 85 years’ experience in the field of hydrocarbons and more than 30 years in the injection of CO2. At the moment, there are production activities in 9 countries and exploration assets in 14 countries. MOL is committed to transform its traditional fossil-fuel-based operations into a low-carbon, sustainable business model and aspires to become net carbon neutral by 2050 while shaping the low-carbon circular economy in Central-and Eastern Europe.