73JC Beazley Ins 29

RNS No 1376d
TISZAI VEGYI KOMBINAT RT
26th March 1998


Letter to: THE COMPANY ANNOUNCEMENTS OFFICE

As published by the press several times, Tiszai Vegyi Kombinat Rt.,
decided on building a new polypropylene plant.  As an important
step of the project TVK Rt. signed a contract with Tecnimont-Montell
consortium on 26 March, 1998. This contract comprises the transfer of the
licence's know-how, the design engineering, the delivery of the equipment and
the technical assistance at commissioning.  The nameplate capacity of the new PP
plant will be 140,000 tons per year, which can be increased by 30%. The chosen
process is suitable for the production of all kinds of polypropylene
(homopolymers, random and block-copolymers).  In addition, it gives a technical
possibility for producing a special grade, i.e. terpolymers.

TVK Rt. knows both Tecnimont and Montell very well, since the PP III plant
commissioned in 1989 was built under a contract with these companies.  This
plant has operated reliably and produced excellent quality products since then.
With the Montell technology 11 million tons of polypropylene is produced
worldwide in the currently operatng and planned units.

The contract includes the terms of delivery of the catalyst necessary for the
polypropylene production, and the technological co-operation after the
commissioning of the plant.

The capital expenditures of the polypropylene plant will be approximately HUF 
23 billion.  The major part of the equipment, not included in this contract,
will be purchased from Hungarian suppliers, as well as the detailed design
engineering and the building and installation.  TVK Rt. personnel will organise
and co-ordinate the investment activity.

As known, TVK Rt. and MOL Rt. are examining the establishment of a joint
venture for the building and the future operation of the new plant.  The
negotiations are under way.

The new PP plant is expected to come on-stream at the end of 1999, creating 
about 60 new jobs.
From: Miklos Varhegyi
      CEO
      Chairman of the Board

END


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