Tiszai Vegyi Kombina - Re Cooperation Agreement

RNS No 5809j
TISZAI VEGYI KOMBINAT RT
26th February 1998


TVK Rt., the major Hungarian petrochemicals company has today signed a letter of
intent with MOL Rt., the leading Hungarian Oil and Gas Company as a part of the
longer-term cooperation between the two companies in order to utilise their
propylene production.

According to the letter of intent, the parties will examine the feasibility of
forming a new manufacturing and trading joint venture to be owned 50-50 by MOL
Rt. and TVK Rt., respectively.

The new JV would be formed following completion of detailed studies set out on
the letter of intent.  Subject to final agreement, the basis of the JV would be
a new, 140 kt per annum minimum capacity polypropylene plant to be built at
TVK's existing facility in Tiszaujvaros.  It is intended that the project would
be completed by the end of 1999 with an investment of approximately HUF 23 bn.

In order to maximise the competitiveness and achieve optimal capacity
utilisation, the existing polypropylene production of TVK Rt. would also be
controlled by the joint venture.

In addition, both companies have expressed their intention to examine further
development projects and, subject to favourable conditions, to co-operate in the
implementation of such projects in the future.

Miklos Varhegyi
CEO 
Chairman of the Board


END

MSCAILSDFSIRFAT

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