Time is Ticking for Oil Shale Refinery
The Kiviõli Oil Shale Processing and Chemicals Plant is running out of oil shale, and the company's resulting instability is costing it the trust of its creditors and stalling planned investments, according to CEO Robert Karpelin.
The company has already had to self-finance several expensive projects to bring its production in line with environmental regulations.
Currently mining on rented state-owned land, Kiviõli is waiting for a court decision – the culmination to a messy series of disputes – on whether the company can continue mining on the land or not.
In April, media reported that the owner of the plant is looking to sell the factory for 63 million euros – but potential buyers said it was only worth half that.
Residing in the small town of Kiviõli, the plant employs 650 workers. It is also the source of heating and electricity for the town.
Ott Tammik