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Kivioli profits plummet despite high oil prices

Aug 20, 2008
TBT staff

OIL SHALE PRODUCTIN: Estonia is the only country in the world where oil shale accounts for most of its energy.
TALLINN - Despite rising petrochemical prices, profits collapsed last year at Kivioli Chemical Works, the Estonian oil shale company. The company reported a profit of 15.8 million kroons (1 million euros), down from 47 million kroons the year before. The company blamed the unique circumstances of the Estonian market for their poor results. “Maybe the price of oil is going up globally, but this is not a world market,” company spokesperson Kirsti Saluleta told The Baltic Times. Salulet said t ...


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