MOL Group signs acquisition of Szarvas Biogas Plant
MOL Group has agreed on a deal with BayWa AG on the purchase of Szarvas Biogas Plant, a waste processing plant using organic wastes to produce electricity and heat through cogeneration with a peak electric power capacity of around 4 megawatts (MW). The plant processes more than 40,000 tons of waste a year from meat production in the region and another 53,000 tons of residual waste (such as slurry and manure) from neighboring livestock and meat processing farms. In addition, around 18,000 tons of agricultural substrate is used as feedstock for the plant, altogether which produces in excess of 12.5 million cubic meters of biogas.
MOL Group strives to expand its biofuel portfolio to meet the goals set by the European Union’s Renewable Energy Directive. This acquisition is also in line with the aims of the REPowerEU action plan, which has set a high target for biogas and methane production to reasonably increase the overall energy independence of the European Union. A sense of responsibility for the security of the energy supply in the Central and Eastern European region is a fundamental part of MOL Group’s identity and mindset for operation and development.
For MOL Group, the acquisition of Szarvas Biogas Plant is a great opportunity to expand the company’s sustainable energy production portfolio with the potential to realize valuable synergies inside the company. The plant not only possesses one of the largest biogas production capacity in Central Eastern Europe, it is also located in an area where MOL’s Exploration and Production activities are present and active. This creates a unique synergy by providing infrastructure to the biogas facilities for upgrading their gas products. MOL Group is also delighted about the in-house know-how, best practices, and knowledge generation opportunities that Szarvas Biogas Plant can bring to the Group, to further boost the development of MOL Group’s sustainable portfolio, while demonstrating the company’s credible intent to become a regional trendsetter in the energy transformation.
In line with its SHAPE TOMORROW 2030+ strategy, MOL Group is committed to promote sustainability and to contribute to the circular economy through strategic partnerships, innovative R&D, and targeted investments. MOL Group is actively shaping the landscape of the green chemical, petrochemical, and refining industry, making a positive impact on the environment.
Related News
Related News
- Japan's Mitsubishi to acquire stake in Petronas LNG plant
- McDermott awarded Rovuma LNG Phase 1 FEED contract in Mozambique
- Fincantieri LNG-powered Star Princess launched in Monfalcone
- Wood leads industry project to accelerate CCUS with guidelines for CO2 specifications
- Picarro launches handheld solution for natural gas leak investigation and closed-loop leak management
- Picarro launches handheld solution for natural gas leak investigation and closed-loop leak management
- Fincantieri LNG-powered Star Princess launched in Monfalcone
- Sonatrach, Saudi Aramco raise prices for LPG by 3%–4% in October
- Amarinth secures $1-MM order of API 610 pumps for Coral North FLNG project in Mozambique
Comments