EE signs major takeover deal with US company

  • 2011-03-11
  • TBT Staff

TALLINN - Estonia's national energy company has signed a landmark deal to takeover one of the largest shale oil companies in the US.

The deal sae Eesti Energia buy out the Oil Shale Exploration Company (OSEC), giving the Estonian company access to billions of tons of shale oil in the US state of Utah. Eesti Energia said in plans to construct an on-site plant to refine the oil.

Estonia is one of the world's leading producers of shale oil, which is the country's leading natural resourse and accounts for some 90% of the power in the country.