MOL Group has started restoration activities at its damaged chemical site in Tiszaujvaros following an explosion reported last week. The company said production at the affected Olefin-1 unit is expected to remain offline for several months. MOL also stated that official site investigations are complete and that all immediate safety risks have been eliminated.
Authorities have issued the permits needed to begin reconstruction work, and MOL has set up a dedicated technical team to oversee the recovery process. Current activities are focused on safely removing remaining hydrocarbons from the damaged installation. After that phase, restoration is set to move into cleaning, technical inspections, and the installation of scaffolding around the affected sections.
Restart timeline tied to engineering assessments
MOL said a more precise restart schedule will be provided only after detailed engineering assessments are finalized. Preliminary expectations indicate that the shutdown could extend for several months, depending on the scale of damage. The company did not provide a specific restart date beyond that timeframe.
Explosion date, casualties, and operational impact
The explosion occurred on 22 May at the Olefin-1 unit within MOL’s petrochemical complex in Tiszaujvaros. The incident resulted in one fatality and left nine people injured. Despite the disruption, MOL emphasized that Hungary’s fuel supply remains stable and unaffected by the temporary shutdown of the unit.
Erste Bank estimates profit and damage range
Erste Bank’s preliminary analysis indicated that the incident could reduce MOL’s annual profit by between $100 million and $150 million, depending on how long repairs take. Direct damages were estimated at around $100 million, with part of the losses expected to be covered by insurance. The bank added that any long-term impact on MOL’s market valuation is likely to remain limited.
