The proposed Project will expand and upgrade the wastewater treatment facilities of the Hungarian oil and gas company MOL at its Duna refinery in Szazhalombatta close to Budapest. The Project will be implemented by the special purpose company Earth Tech Engineering Kft. (the "Borrower") and purchased after completion by MOL, the Hungarian Oil and Gas Company (the "Off-taker").
The Project will promote transition by supporting the development of a market for outsourcing environmental services in the industrial sector. Further, the environmental management will be improved in a major environmentally sensitive industry through capital expenditure and the involvement of dedicated professional management.
Earth Tech Engineering Kft. (the "Borrower"), a special purpose company registered in Hungary wholly owned by Earth Tech Engineering Ltd and Tyco Tech Ltd.Upon completion, MOL, an integrated oil and gas company and one of the largest companies in Hungary, will purchase the facilities. The Duna refinery in Szazhalombatta is MOL’s largest facility.
The Bank is considering a loan of up to €18 million to Earth Tech Engineering Kft. for the project.
Total project costs are estimated at circa €50 million.
The Project was screened B/1 requiring an environmental audit of the existing facilities and an analysis of the upgrading programme. The Borrower provided extensive information on the existing incinerator in their Due Diligence Audit in July 2002. An Environmental Due Diligence Audit of the wastewater treatment plant and an Environmental Analysis of the proposed investment programme is expected to be presented to the Bank prior to presenting this project to the Bank's Operation Committee for Final Review. The Project is expected to achieve major environmental benefits by the reduction of waste outflow into the Danube River and control of emissions from the refinery's waste incineration facilities.
C/o Arthur Schankler, EBRD
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