Underscores Lummus and MOL's commitment to developing sustainable solutions for the circular economy
Houston, TX /PRNewswire/ - Lummus Technology, a global provider of process technologies and value-driven energy solutions, and MOL Group, the leading integrated Central Eastern European oil and gas corporation, have announced their agreement to cooperate in the deployment and integration of chemical recycling of plastics at MOL's assets in Hungary and Slovakia. Chemical recycling of plastics is part of MOL's commitment to collect close to 5 million tonnes of municipal solid waste, which includes the treatment and related investments.
"MOL Group and Lummus have a long track record of successful collaboration in various technology areas, and we are proud to now partner with MOL again to address a critical challenge for our industry and society," said Leon de Bruyn, President and CEO of Lummus Technology. "Both organizations are playing a leadership role in the circular economy, and by joining hands we will help further develop and deploy sustainable solutions to recycle plastic waste."
MOL has committed to drive circularity and has recently invested in addressing waste plastics recycling in Central Europe. With a total annual capacity of 40,000 tons, MOL can offer a wide range of sustainable compounds for various industries, including the automotive, construction, building and packaging sectors. The company's aim is to build a production portfolio of more than 100,000 tons of recycled plastic materials.
"We're thrilled to extend our cooperation with Lummus in a field that largely contributes to our strategic goals in reaching net zero by 2050," said Gabriel Szabó, Executive Vice President of MOL Group Downstream. "MOL Group is actively building a strong plastic recycling and waste integration portfolio as we are aware of its crucial role in the circular economy, and sustainable business models require such mindset that considers everything as raw material and potential energy source. The waste plastic pyrolysis technology, and Lummus' expertise will help us to optimize our value chain, and make our business more sustainable."
Lummus' Green Circle business unit will provide to MOL its advanced waste plastic pyrolysis technology, which effectively converts plastic waste into high-value chemicals and feedstocks, creating circularity. This technology is a proven, reliable, economically attractive solution to address the global plastic waste problem, which offers additional environmental benefits such as a lower carbon footprint and the elimination of char production. Lummus will also provide its experience and expertise in steam cracking, catalytic cracking and residue processing technology to ensure that integration with MOL's existing assets is optimized.
Green Circle concentrates and expands Lummus Technology's capabilities to capture new opportunities in the energy transition and circular economy. Green Circle is a leader in providing economically and technically sound solutions to: process solid wastes containing plastics; process various renewable bio-based feedstocks to value-added chemicals, polymers and fuels; decarbonize refinery and petrochemicals assets; and expand production of blue hydrogen and biofuels.
About Lummus: Lummus Technology is the global leader in developing technology solutions that make modern life possible and focus on a more sustainable, low carbon future. We license process technologies in clean fuels, renewables, petrochemicals, polymers, gas processing and supply lifecycle services, catalysts, proprietary equipment and digitalization to customers worldwide. To learn more about Lummus, visit www.LummusTechnology.com.
About MOL Group: 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 2400 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 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.