Energy, Estonia, EU – Baltic States, Good for Business, Oil

However, 54% less electricity was produced from oil shale. In 2019, the oil shale sector employed 6,530 people and the contribution to the state treasury was 121 million euros, it appears from the yearbook.

Eesti Energia CEO Hando Sutter said in a press release that there was a big shift in the oil shale industry in 2019.

"A record low amount of electricity was produced from our main mineral resource, while the production of liquid fuels reached the highest level in history. At that, the energy sector was the biggest contributor to reducing the country's carbon emissions, making Estonia the fastest CO2 reducing country in Europe last year," he said.

Sutter added that now that Eesti Energia has made a decision to invest in a new oil plant, the company is further developing Enefit technology in cooperation with universities and Estonian researchers.

Viru Keemia Grupp (VKG) management board chairman Ahti Asmann said that last year, the shale oil sector was highlighted by potentially very large and long-lasting political discussions on global climate policy.

"At the same time, against the background of a changing paradigm, global markets showed a steady increase in demand for shale oil and fine chemicals produced in Estonia. Continuous development work and the involvement of research institutions in the search for smart and environmentally friendly solutions allow to reduce the environmental footprint, while raising the level of digitization," Asmann said.

Priit Orumaa, chairman of the management board of Kivioli Keemiatoostus, said that 2019 was a notable turning point and changing time for the oil shale industry, which made the company make an effort and find new directions.

"We have carried out a number of successful experiments to find materials suitable for oil production. The implementation of these innovations also largely depends on the state, legislation and new environmental permits," he said.