Viru Keemia Grupp's net profit down from 20 to 10 million euros

Wednesday, 27 May 2015

Estonian shale oil producer Viru Keemia Grupp (Viru Chemistry Group) earned last year nearly 10 million euros in net profit, while in 2013, the profit was almost 20 million euros, Public Broadcasting reports.

VKG's turnover fell by 11% to 194.5 million euros.

"The abrupt fall of the world oil market led to closure of two Kiviter-type factories and lay-off of many people," wrote the director of VKG Priit Rohumaa in the company's yearbook.

"We have for a long time explained to the state that the oil shale sector is very sensitive to the world oil market prices, and in addition to the recently valid CO2 trade," he said.

"We see that the value chain of oil shale could still grow considerably, producing at the same mining volume more expensive products, and making more construction materials of mineral waste," said Rohumaa.

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