Eesti Energia considers building new oil plant if oil prices rise further (1)

Enefit logo. (Ants Liigus/Pärnu Postimees/Scanpix)
9/22/2016 8:50 AM
Category: Business

Energy firm Eesti Energia is proposing building a second Enefit280 shale oil refinery if the price of crude oil on the world market reaches 60-65 dollars per barrel, said Chairman of the Board Hando Sutter.

Brent crude oil is currently priced at less than 50 dollars per gallon, reported ETV's news broadcast "Aktuaalne kaamera."

According to Sutter, Eesti Energia's three existing oil refineries are already working at full capacity; every hour, more than 60 tons, or one tank car's worth, of oil is produced, the majority of which is exported.

"We are developing our technology in such a way that new investments would be possible if the price of oil were in the range of 60-65 dollars per barrel," explained Sutter. "As [oil prices are] a bit below 50 dollars per barrel today, we are a bit short, but if oil prices should rise, then we are prepared to offer our owners new investments upon which to decide."

Editor: Aili Vahtla

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