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Eesti Energia considers Serbia's oil shale project

Eesti Energia considers Serbia's oil shale project
Juhan Tere, BC, Tallinn, 21.03.2012.

Estonian energy operator Eesti Energia, the biggest Baltic utility, may take part in Serbia's planned oil-shale project, Blic news site's report was quoted by Bloomberg, citing a company director.

Serbia has announced plans to tap an estimated two billion tons of shale reserves in the country's south and Eesti Energia is interested in providing the technology, according to the report quoting Priit Raid, a director for business development at Enefit Technology.

Eesti Energia uses the name Enefit for its international operations, writes LETA.

As reported, Eesti Energia wants to complete the Jordanian oil shale consuming power station procurement and find investors before the end of this year.

Eesti Energia boosted its turnover last year by eight% to 858 million euros.

The company's operating profit grew by 13% to 168 million euros, and net profit by 28% to 149 million euros. The company said that the 7.7% turnover growth was supported most by sale to the open market, i.e. large clients and electricity bourse.


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