Péter Szijjártó, Hungary’s minister of foreign affairs and trade, on Tuesday welcomed the start of the construction of a rubber bitumen plant by Hungarian and Tatar companies in the Republic of Tatarstan.
“A new chapter has begun in the history of Hungary’s open economy with the emergence of large Hungarian companies that establish a strong presence in foreign countries with competitive investment projects,” Szijjártó said at the construction site near the city of Nizhnekamsk.
Also addressing the event, Rustam Minnikhanov, the president of Tatarstan, noted that the construction of the bitumen plant is being carried out in a partnership between Hungarian oil and gas company Mol, its local partner Tatneft and the Taneco company.
Set to be completed in the first half of 2023, the new plant will have the capacity to produce 25,000 tonnes of rubber bitumen a year, covering 20 percent of Tatarstan’s needs.
The Hungarian Export Promotion Agency (HEPA) will provide a 2 billion forint (EUR 5.6m) non-refundable loan to cover the project’s total cost of 4 billion forints.
Featured photo via Minister Szijjártó’s Facebook page
