Hungarian energy company MOL Group has begun restoration work at its damaged Tiszaujvaros chemical facility following last week’s explosion, although the company expects that production at the affected Olefin-1 unit will remain offline for several months.
MOL confirmed that official site investigations have been completed and that all immediate safety risks have been eliminated. Authorities have also issued the necessary permits to begin reconstruction activities, while the company has formed a dedicated technical team to oversee the recovery process.
Current operations are focused on the safe removal of remaining hydrocarbons from the damaged installation. Once this phase is completed, restoration will proceed with cleaning activities, technical inspections, and the installation of scaffolding around the affected sections of the facility.
The company stated that a more precise timeline for restarting production will only be available after detailed engineering assessments are finalized. However, preliminary expectations suggest that the shutdown could last several months due to the scale of the damage.
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 operational disruption, MOL emphasized that Hungary’s fuel supply remains stable and unaffected by the temporary shutdown of the unit.
According to a preliminary analysis by Erste Bank, the incident could reduce MOL’s annual profit by between $100 million and $150 million, depending on the duration of repairs. Direct damages are estimated at around $100 million, although a portion of the losses is expected to be covered by insurance. The bank noted that, despite the seriousness of the incident, the long-term impact on MOL’s market valuation is likely to remain limited.
