Viru Keemia Group Opens Second Shale Oil Plant ({{commentsTotal}})

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.