Estonian shale oil firm bags €35m to cut emissions
Foundation-laying event at one of the facilities. Copyright: Viru Keemia Grupp
A shale oil processing company in Estonia has been given a loan worth €35 million (£27.4m) for projects aimed at reduce emissions.
The cash will be used by Viru Keemia Grupp (VKG) to finance the construction of two fuel gas desulphurisation plants – which will remove sulphur dioxide (SO2) from the gas before it is released into the atmosphere, reducing the firm’s environmental impact.
The loan will also help finance a steam turbine and boiler.
The projects, expected to cut both sulphur and carbon emissions, are part of the firm’s major investment programme to build two production facilities in a bid to boost capacity.
Riccardo Puliti, Managing Director, Energy and Natural Resources at the European Bank for Reconstruction and Development (EBRD) said: “With our loan we are strengthening energy security in Estonia by supporting initiatives to use the country’s own resources in a sound and responsible way.”
The shale oil processing industry generates around 3% of Estonia’s GDP, according to the EBRD.
Article source: http://www.energylivenews.com/2014/09/25/estonian-shale-oil-firm-bags-e35m-to-cut-emissions/
