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Wednesday, 01.05.2024, 23:53
Estonian VKG defies cheapening of oil, launches new shale oil factory
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Petroter III employs a hundred residents of Ida-Virumaa, in addition nearly 400 employees will be included to service the oil plant.
"We plan to produce the first shale oil in the new factory at the end of August. If all goes according to plan, we reach the working regime in September, which is ambitious, yet a realistic deadline," said member of the board of VKG Oil Nikolai Petrovich.
The construction work of the plant, costing 84 million euros, that went into design two years ago, has now reached its final stages. "In connection with the cheapening of the oil price, we had to adjust the concern's investment plans according to the market situation, but we try to complete all the projects that have already started," said Chairman of the Board of VKG Priit Rohumaa.
VKG already has shale oil plants Petroter I and II operating. The investment was financed by a syndicate of banks consisting of SEB, Nordea and Pohjola banks.
VKG is a major Estonian oil shale processing company and the world's second largest producer of shale oil. VKG employs more than 2,000 people.
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