BUDAPEST, Hungary—MOL Group and JSR Corp. inaugurated a new synthetic rubber plant that will manufacture 60,000 tons of synthetic rubber annually.
The new plant, which produces solution SBR, will create more than 100 new jobs, according to an MOL release.
MOL and JSR reached an agreement in 2013 to establish a joint venture with 51 percent held by JSR and 49 percent held by MOL. The construction of the plant in Tiszaujvaros, Hungary, started in 2015.
The most important feedstock of S-SBR is butadiene, which is produced by MOL at an adjacent plant commissioned in 2015, said MOL.
The plant is part of MOL's 2030-Enter Tomorrow strategy to expand the company's petrochemicals value chain and produce more products used in the automotive industry, as well as for packaging, construction and electronics, said MOL. The company plans to invest about $4.5 billion through the end of the next decade into petrochemical and chemical growth projects.
Viktor Orban, prime minister of Hungary; Zsolt Hernadi, chairman and CEO of MOL, and Koichi Kawasaki, executive managing officer for JSR, inaugurated the new plant.
MOL is an integrated international oil and gas company headquartered in Budapest.