Viru Keemia Group Opens Second Shale Oil Plant


The privately owned Viru Keemia Group opened its second modern shale oil plant, Petroter 2, on Tuesday.

The plant cost 65 million euros and is part of a 150-million-euro investment into energy by the company, ETV reported.

A total of 100 direct and 400 indirect jobs have been created in Ida-Viru County and the state will rake in 14 million euros a year in tax once the plant is fully operational, in a few weeks.

VKG board member Priit Rohumaa said if crude oil price levels remain around the 91-US-dollar (72-euro) per barrel mark, the development of shale oil production capabilities will remain stable. Prices are currently in decline after a long plateau at 110 dollars.

VKG employees more than 2,000 people and operates six oil shale processing plants. Last year, the company had a turnover of 220 million euros, investing 91 million and reporting a 19-million-euro profit.

VKG is one of the largest privately-owned companies in the country, contributing two names in the top 10 of Äripäev's annual richest people in Estonia list.

Source: ERR http://news.err.ee/v/economy/913e7354-384b-418e-bcc1-27030a3dcce6