04-10-2013

MOL transforms Mantova refinery into a products logistics hub

MOL Group announces the progressive transformation of its Mantova refinery into a products logistics hub. This transformation process starts in January 2014. This is a clear sign of MOL Group’s commitment to invest in a solution which allows improving its competitive position in Italy, despite the tough economic environment in Italy.

As a consequence of the unfavourable economic environment that the refining business faces in Italy, after profound analysis of the long term sustainability of the Mantova operations of IES, MOL Group decided to convert the refinery into a products logistics hub.

Considering the fact that the long term agreement on crude oil logistics for Mantova refinery is expiring, MOL Group has reached a principal agreement with ENI to connect its transformation project with ENI’s green refinery initiative. The complex logistics network connecting Porto Marghera and Mantova refinery used for crude oil supply until now will be used for the supply of end-products in the future.

This enables MOL Group to progressively transform its refinery into a products logistics hub, which means that the Company will remain in the business with a Mantova based commercial activity. By this transformation IES will be able to keep a reasonable portion of its employees who will operate the new business model on its Mantova site. MOL Group is ready to invest in such solutions which allow to improve its competitive position in Italy.

IES is committed to closely work with all its Stakeholders in this phase, to agree the best solutions for people, environment, local economy and the community, keeping the company in a position being a relevant market player, a safe employer and a fair partner in the future. The company is available for a constructive dialogue with the Trade Unions, in order to find the best possible solution for all parties involved. IES remains a reliable partner with regard to its sponsoring and donation programs in the region and intends to carry on its support activities towards the Mantova community also in the future.