The new company name of Viru Õlitööstus AS is VKG Oil AS

Beginning on 20.07.2005, the business name of the subsidiary to Viru Keemia Grupp AS (VKG) is VKG Oil AS. All remaining requisite information of the company is the same as before.

Nikolai Petrovitš, the chairman of VKG Oil, explained: “Year after year we have increased the sales of our products in export markets. The name change at Viru Õlitööstus was brought about by the fact that the Estonian umlauts in the name of our company caused excessive confusion among our foreign partners. Besides that, up until this point, our company name did not give a clear indication of the products we were offering on the markets”.

“Beginning in June of this year, the abbreviation VKG is a registered trademark. The use of it in the name of our subsidiary company stresses that the company belongs to the VKG group and hopefully clarifies the group’s image for public, supporting the business activity of both the parent company and the subsidiary” commented Janek Parkman, the chairman of the board of VKG.

VKG Oil AS is the largest oil shale company in Europe. Its principal activity is the thermal processing of oil shale. About 1.4 million tonnes of oil shale is processed each year.

The main products include various fuel oils, oil coke, pitch, total shale phenols, antiseptic oils for wood impregnation and oil shale bitumen.

In 2004, the realised net turnover of VKG Oil AS was 504 million EEK.
VKG Oil AS employs 394 people.

Further information:
Õnne Pilvet
VKG Information Manager
GSM 52 55 242
E-mail: info(at)vkg.ee