MOL Group enters into a partnership with INOVACAT
- INOVACAT’s GASOLFIN™ technology converts naphtha into high-value olefins
- The cooperation is expected to support upscaling and commercialization of INOVACAT’s breakthrough technology
- As part of its 2030 strategy MOL aims to increase the flexibility in refining and strengthen its petrochemical production, including high value olefins
Budapest, 19 June 2018 – MOL Group entered into a strategic partnership with INOVACAT, a Dutch technology innovator in the refining and petrochemical industries. The cooperation is expected to further upscale and commercialize INOVACAT’s breakthrough GASOLFINTM technology that converts naphtha into propylene, butylene and BTX (benzene, toluene, and xylene), while supporting MOL’s strategic objective to become a leading chemical company in Central Eastern Europe.
MOL Group will support the next stages of the development program of INOVACAT and will investigate different options for the implementation of GASOLFINTM in its production facilities. This patented technology delivers propylene yields up to 45% depending on feedstock, can convert any light straight run naphtha including pentanes and is fully flexible on product output without a catalyst change-over. It is also at least 30% more energy efficient than comparable conventional processes, with CO2 emissions being at least 25% lower. Through its cost-leading, drop-in technology INOVACAT enables any refiner or petrochemical company to fully integrate their operations for maximum profitability and flexibility, providing them with a competitive advantage in their markets.
“A main challenge of the MOL 2030 Strategy is to increase production of value added products, while reducing the production of fuels over the next 15 years. We are investigating technical solutions to develop our existing refining and petrochemical asset base, but we are also very interested in new technologies like INOVACAT’s GASOLFINTM, that can potentially significantly help us meet our goal.” - said David Pullan, VP Group Downstream Technology & Development.
“We are looking forward to working in partnership with MOL to provide them with our very competitive GASOLFINTM technology. This will enable MOL to convert their lower-value naphtha into propylene, butylene and BTX in a flexible and capital-efficient way.” - commented Niels van Buuren, CEO INOVACAT.
As MOL Group’s 2030 transformational strategy aims to diversify the company away from fossil-based motor fuels, it is continuously looking for new innovative technologies that increase the flexibility and strengthen its footprint in the petrochemicals business. By 2030, MOL plans to increase its non-fuel production in refining from the current 30% to 50% of total output, which will be done mostly through increasing feedstock transfer to chemicals. In order to reach its strategic goals, MOL plans to invest around USD 4.5 billion into its petrochemical segment by 2030, focusing mainly on the extension of the propylene value chain in the next five years.