Finance Minister Jürgen Ligi said some giant investments made by state-owned Eesti Energia have worked out while others have failed, but most are still in the works.
Speaking in front of Parliament on Wednesday, Ligi said that the Enefit 280 shale oil plant is up and running, but not at full capacity, and not continuously.
He said that expectations are high, as it is a lucrative way to use oil shale, and Estonia has the know-how.
“It is too soon to evaluate the Utah project […] There has been no talk of investments mounting to billions by Eesti Energia,” Ligi said, adding that they will invest as little as possible into the US venture until studies on the oil shale in Utah have been conducted.
The energy giant's recent investments include a oil shale plant and mine in Jordan that are expected to be green-lighted soon, a strip of land in Utah, which could yield as much as 2.1 billion barrels of shale oil, the 200-million-euro Enefit 280 shale oil plant, which opened 14 months ago, and a 640-million-euro power plant also in Auvere, due to be completed in 2015.