CEE Chamber

Third Vecsés Oil Well Boosts MOL’s Domestic Production. Drilling rig in the Vecsés oil field. The Vecsés oil field (near Budapest) has delivered on its promises and has already contributed a very significant amount to production in Hungary, over one million barrels, according to a recent statement by Hungarian oil giant MOL. In the oil field discovered two years ago, in addition to the already operating Vecsés-1 and 2 wells, the Vecsés-3 well also proved to be successful and increases MOL’s production in Hungary by 600 barrels of oil per day, the company announced on the Budapest Stock Exchange website on Wednesday. The three wells produce about 4,000 barrels of crude oil per day, which is nearly 30% of MOL Hungary’s crude oil production and 4% of the MOL Group’s hydrocarbon production. “One of our key tasks is to exploit the potential of domestic hydrocarbon exploration and production. The Vecsés field delivered on its promises and has already contributed a very significant amount to domestic production, with over one million barrels to date. This strengthens security of supply, as this amount has made it possible to reduce crude oil imports to Hungary. We are planning to invest nearly HUF 100 billion in hydrocarbon exploration and production in Hungary over the next three years,” said Archibald Schubert, Managing Director of MOL E&P Hungary. Related articleNew Oil Well Starts Production near BudapestOn Saturday, new exploratory drilling will also start in Vecsés.Continue reading Via MOL, Featured image: MTI/Balogh Zoltán The post Third Vecsés Oil Well Boosts MOL’s Domestic Production appeared first on Hungary Today. https://lnkd.in/d3hvtapR

Budapest’s real estate might be on the verge of a renaissance – Here’s what’s driving it!. Real estate in Budapest seems to be evolving to meet modern needs with a focus on community and environmental sustainability. Check out our article to find out what this could mean for the Budapest housing market! https://lnkd.in/db2V9bpK

U.S. presidential election pushes forint to 2-year low. How will the outcome of the U.S. presidential election affect the Hungarian currency? Find out below. #forint #US #election #currency https://lnkd.in/davfYmY2

Audi Hungaria Is the Largest Engine Manufacturer in the World. Engine production at Audi Hungaria (Győr, northwestern Hungary) started more than 30 years ago, and in the decades since then the company has made huge progress: the 45 millionth engine rolled off the production line recently. On Tuesday, Audi Hungaria announced the milestone news that its 45 millionth engine has rolled off the production line. The engine, a 220 kW electric drive unit, will be transported from the company in CO2-neutral “green trains” to Ingolstadt, Germany, where it will be installed in an Audi Q6 e-tron. Audi Hungaria started producing engines more than 30 years ago and is now the world’s largest engine manufacturer, the release stated. In recent years, Audi Hungaria has also increasingly focused on the production of electric motors, which the company started in 2018. Audi Hungaria produces PPE drives on an area of around 15,000 square meters that consists of the production of stator and transmission components, and the assembly of the drives. To date, nearly 48,000 new electric drives for models based on the Premium Platform Electric (PPE) platform, developed jointly with Porsche, have been produced by the company’s highly skilled workforce. The completed powertrains will be integrated mainly in Audi Q6 e-tron models. On Tuesday, the 45 millionth engine of the PPE drive type was produced in the company’s 31-year history. Audi Q6 e-tron. Photo: Wikipedia Of the 45 million engines, more than 22 million are four-cylinder petrol engines, followed by more than 11 million four-cylinder diesel engines. The number of electrically powered engines has risen steadily in recent years, with more than 580,000 units produced at the Audi Hungaria engine plant between 2018 and this year. Peter Will, Member of the Board of Management responsible for Engine Production at Audi Hungaria said: As a production site in Győr, Audi Hungaria has been a key pillar of the Audi and Volkswagen Group’s international production network for decades. In the era of the transition to electromobility, we need cutting-edge technology, established expertise, and a dedicated team. Since September, as a new member of the Board of Management, I see day by day that the production team, with its efficient processes and outstanding competences, is ready for the challenges of today and tomorrow. We are not stopping there, our next target is the 50 millionth engine.” Related articleSelf-driving Robots Support Audi Hungaria's ProductionThe robots currently deliver parts to the PPE engine production line, covering a total of 131 kilometers in a day.Continue reading Via Audi.hu, Featured image: Facebook/Audi Hungaria Győr The post Audi Hungaria Is the Largest Engine Manufacturer in the World appeared first on Hungary Today. https://lnkd.in/djCJYgig

EU-Funded Energy Storage Project by MET Group Boosts Renewable Grid. MET Dunai Energiatároló, a member of the Swiss-based MET Group, is building an energy storage system with a total nominal capacity of 40 megawatts (MW) and a storage capacity of 80 megawatt hours (MWh) in Százhalombatta (near Budapest), for which it has won more than HUF 4 billion (EUR 9.7 million) in non-refundable EU funding. MET is building the new energy storage units on the site of the Dunamenti Power Plant, which was built in the 1960s and has since been demolished and restored. The Dunamenti Power Plant. Photo: Wikipedia/Gergely Dóra Viktória 60 MWh of the 80 MWh capacity will be EU-funded, the storage units, with HUF 2.69 billion (EUR 6.5 million) and HUF 1.35 billion (EUR 3.2 million) of non-reimbursable support, respectively, to align the storage units with the EU’s 2030 climate policy and the national energy strategy. The investment will be financed by the dedicated Recovery and Resilience Facility (RRF) set up by EU member states, a statement noted. Huawei Technologies is the manufacturer of the energy storage units to be installed, while Forest-Vill is the general contractor and contractor of the projects. To achieve the energy transition, energy companies around the world are working to replace fossil fuels, which involves many challenges and planning, the company stressed. The statement recalled that MET Group has set up the country’s first two-hour cycle time energy storage unit (4 MW/8 MWh) also at the Dunamenti Power Plant site back in September 2022. In addition, a 30 MW electric boiler plant and an accompanying 1,500 cubic meter thermal storage tank were installed at the Százhalombatta site in November 2023. The primary objective of both installations is to ensure grid flexibility to contribute to security of supply in the electricity system and to better exploit renewable energy sources. FactThe Swiss-based MET Group is a European integrated energy company active in the natural gas and electricity markets and in the development and operation of energy assets. Through its subsidiaries, it is present in 15 countries, active in the gas markets of 30 countries and 22 international trading points. The group had consolidated revenues of EUR 41.5 billion in 2022. The volume of gas traded was 109 billion cubic meters and the volume of electricity traded was 67 terawatt hours. Related articleHungarian Households Enjoy Lowest Energy Prices in EuropeThe Hungarian government will maintain the cuts despite the constant attacks from Brussels and the left.Continue reading Via MTI; Featured image via Pexels The post EU-Funded Energy Storage Project by MET Group Boosts Renewable Grid appeared first on Hungary Today. https://lnkd.in/d8jX4wkx

Thermal Baths to Get a Makeover Thanks to EU Funding. More than one and a half billion forints will be used to renovate three spas in Békés County, southeastern Hungary, Magyar Nemzet reports. The Gyomaendrőd, the Orosháza-Gyopárosfürdő and the Békés baths have all won EU support for energy modernization. Balázs Toldi, mayor of Gyomaendrőd, said that the Liget Spa won HUF 430 million (EUR 1.05 million) from the Operational Program for Regional and Urban Development (TOP) Plus, that will be used to replace the windows, install solar panels and enable the 62°C water of the thermal well to be used for heating instead of gas. The mayor of the town of more than 12,000 inhabitants said that the spa had previously been earmarked for modernization and renovation with almost HUF 3 billion (EUR 73 million), but the project is currently “on the back burner.” Energy modernization was also planned at the time, so the construction plans are now ready. The complex in Orosháza-Gyopárosfürdő will be modernized with HUF 727.6 million (EUR 1.8 million) from TOP Plus funds, said Norbert Erdős, Member of Parliament for the region. The roof structure of the leisure baths had become unsafe due to design problems, and the previous municipality had remedied the problem with a HUF 190 million (EUR 463,000) development loan. Gyopárosfürdő, known as “the pearl of the Great Plain,” is a popular tourist center of Orosháza. Photo: Wikipedia Tibor Kálmán, mayor of Békés, said that the TOP plus energy modernization of the city’s spa and health center had also been given the green light, with HUF 430 million to carry out the work. FactBathing culture is thriving in Hungary since the Romans, as thermal water is an inseparable part of Hungary’ history. Budapest, the capital, for instance, is also known worldwide as the capital of spas. Hungary is the world’s fifth largest thermal water power after Japan, Iceland, Italy, and France, thanks to its favorable balneological and geothermal potential. In the winter, Hungarian spas are visited by plenty of tourists from home and abroad for healing, relaxation, and rejuvenation. Today there are 278 certified wells with proven therapeutic properties in Hungary. Related articleSignificant Proportion of the Country's Thermal Waters Are UnexploitedLast year, five waters in Hungary were approved for use as thermal waters.Continue reading Via Magyar Nemzet, Featured image: Pixabay The post Thermal Baths to Get a Makeover Thanks to EU Funding appeared first on Hungary Today. https://lnkd.in/dWEfW_Sr

German Economic Decline Deeply Impacts Hungarian Manufacturing. The Hungarian manufacturing industry is facing one of its toughest years, struggling with technological transitions and Europe’s exclusion from world markets, reports Világgazdaság. The situation has been exacerbated by external demand challenges, particularly in Germany, Hungary’s largest export market. As both Hungary and Germany grapple with economic challenges, Hungary’s manufacturing sector is suffering from reduced demand, especially for vehicle and battery production. According to an article we published, Germany’s economic decline has deeply impacted Hungarian suppliers. The shutdown of factories, such as those in the automotive sector, has resulted in supply chain disruptions that Hungary is struggling to overcome, especially as its economy depends heavily on exports. The Hungarian manufacturing sector is facing significant struggles, particularly in the automotive industry, which has seen a 4.1% output decline in recent months. The lack of new orders and the decline in external demand are creating a risk of stagnation, especially with the ongoing technological changes. The country must find new markets to avoid being stuck in a low-growth scenario. Labor and capacity issues are another concern. Factories have seen reduced capacity utilization, running at only 70% in the first quarter of the year. With companies like SK Innovation halting production due to poor demand, workers are facing reduced hours, creating an environment of unused capacity and non-working labor, which is compounding the economic problems. The shift in technology, especially in vehicle manufacturing, is also taking a toll. As companies transition to new production lines, such as Mercedes Benz’s decision to reduce shifts, output cuts are affecting the overall economy. This further intensifies the challenges faced by Hungary’s manufacturing sector. Looking ahead, the Hungarian economy’s recovery depends heavily on a potential recovery in Germany and the successful targeting of Eastern markets. However, these prospects come with significant uncertainty, and Hungary’s future economic recovery may take years. The road to recovery is long, but Hungary must act quickly to avoid prolonged stagnation. Related articleFuture of the Dunaújváros Steel Factory "Uncertain"According to the Ministry for National Economy, the current situation in the steel market is not reassuring.Continue reading Via Világgazdaság; Featured Image: Facebook / Mercedes-Benz Gyár Kecskemét  The post German Economic Decline Deeply Impacts Hungarian Manufacturing appeared first on Hungary Today. https://lnkd.in/dp9XqhfN

Varga: Compromise on VAT in the digital age among successes of Hungarian EU presidency. A compromise reached on a package of legislation on VAT in the digital age is one of the “great successes” of Hungary’s presidency of the Council […] https://lnkd.in/d_urjNpB

Hungarian real estate market on the move: latest insights. Hungarian real estate market update: key trends emerging https://lnkd.in/diKkZ97w

New Mercedes models built in Hungary may feature Chinese engine. Hungary produces the Mercedes CLA series, which is now undergoing a major revolution, here come the Chinese developments! https://lnkd.in/gWYqikrb