Today, November 13th, Mr. Juhan Parts, Minister for Economy and Communications, visited Viru Keemia Grupp AS

During his visit which lasted over three hours the Minister became acquainted with the new oil shale processing plant being in process of start-up and commissioning. Issues related to supply of the new plant with oil shale were discussed in this meeting, as well as the state plan of allocation of CO2 quotas for the years 2013 to 2020.

The future of VKG is considerably determined by the state plan of allocation of carbon monoxide quotas for the next trading period. Considering a moderate price forecast for a ton of CO2, starting from 2013 payments for purchase of carbon monoxide amounts necessary for production process will create a considerable part of production cost per unit of final product of the concern, what will seriously hit one of the biggest national exporters. As a result of the meeting, the representatives of VKG could gain support of the Minister in the matter of applying for a particular status within EU for Estonian oil shale processing industry. This particular status allows an enterprise to use 100% of free quotas for carbon monoxide.

Mr. Parts highly appreciated the investments made by VKG and its contribution into the development of oil shale processing industry. “Estonian oil shale processing industry increases the volume of national export and creates new jobs. It is of prime importance in our difficult economic circumstances,” he said.

Additional information:

Julia Aleksandrova
VKG PR manager
Теl. 334 2702
GSM 523 2700
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