October 25, 2017 / 9:48 AM / a year ago

EU Commission clears Hungary's investment aid for MOL plant

BRUSSELS, Oct 25 (Reuters) - The European Commission on Wednesday cleared 131 million euros ($154.12 million) of investment aid Hungary granted to oil and gas company MOL for expanding a plant in the North of the country.

MOL will invest a total of 874 million euros to expand production at its Tiszaujvaros plant in northern Hungary, to include petrochemical products used in car manufacturing.

The Commission, which acts as the competition watchdog in the European Union, said that without the funding, the project would not have been carried out in the Northern Hungary region, eligible for rural development aid.

“The Commission therefore concluded that the positive effects of the project on regional development clearly outweigh any distortion of competition brought about by the State aid,” it said in a statement. ($1 = 0.8500 euros) (Reporting by Robert-Jan Bartunek; Editing by Alissa de Carbonnel)

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