Downstream Company of the Year, 2016: MOL Group
Following completion of MOL’s New Downstream Programme in 2014, the company identified that the downstream business still faced low profitability and high “stay in business” costs. In a climate of growing competition, stagnating demand and significant overcapacity, the business embarked upon a strategy to improve profitability and competitiveness, launching the Next Downstream Programme 2015-2017 (NxDSP).
The NxDSP is built around three key pillars: the handling of assets, strengthening market position, and personal development.
By maintaining key asset performance, identifying opportunities and improving yield and reliability, the business has been able to streamline its portfolio, capture additional value from development projects and place more focus on progressive technologies across the group.
Growth projects have also reached significant milestones.
- The acquisition of ENI and Lukoil retail networks in five CEE countries, totaling 453 service stations
- The conversion of the IES refinery in Mantua into a brand new logistics and trading hub that serves the whole of Italy
- The creation of a new plant in Hungary that produces and sells butadiene, allowing the company to enter a new market
- The increase in capacity, efficiency and diversity through a new LOPE unit at the company’s Bratislava refinery