MOL (1 8350 HUF, 0,19%) said that it will invest HUF 300bn (US$ 1.4bn) in Hungary in the next three years in order to make its internal operations more flexible. Roughly half of this amount will be allocated to the upstream division, HUF 30bn to the new butadiene plant in Tiszaujvaros, while the rest goes for the maintenance/reconstruction/development of the Hungarian downstream operations. Our view: We see the company’s announcement as neutral to the investment case as the main parts of the investment plan were known and are in-line with the company’s earlier communication. In our view, MOL has a lot of flexibility in this guidance (mainly to the downside).