The European Commission on Wednesday, October 25, cleared the €131 million (US$154.12 million) of investment aid that 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 (US$1.03 billion) 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, which is 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.
Full Content: Europa
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