State-owned energy giant Eesti Energia said at the Baltic Utilities Seminar on Thursday that they want to increase Estonia's GDP by 1 to 3 percent using new technology.
Margus Vals, responsible for strategy at the company, said the most modern technology they have extracts 40 percent of energy from oil shale, but a method of producing oil and electricity in the same facility could increase that to 70 percent.
He gave no certain plans for the use of that technology in Eesti Energia's plants.
Lili Kirikal of Ernst & Young Baltic AS, speaking at the conference in Tallinn, said the three Baltic nations should cooperate more on energy policies, as the three markets are small when separated.
Viru Keemia Grupp, playing second fiddle to Eesti Energia, began construction of a third oil shale plant which should begin operation in May 2015. The company said they have invested 200 million euros into modernizing the shale oil industry in recent years, creating 300 new jobs.
Finance Minister Jürgen Ligi said Thursday that the new coalition will work if Eesti Energia is left alone. He told Delfi if the company is restricted by the Cabinet it will fail to pay the huge sums in tax and dividends it has paid so far.