Output of Narva Oil Refinery hits new high

Narva Õlitehas (Narva Oil Refinery), a subsidiary of the state-owned Eesti Energia group, boosted its shale oil output by 22% to 158 200 tons in the financial year ending 31 March.
“In recent years Eesti Energia has earned significantly more income per one ton of oil shale in the oil refining industry than in the power generating industry,” Eesti Energia board member Harri Mikk said.
Even though the price of oil products has declined over the past year, future contracts concluded by Narva Õlitehas earlier are hedging it against price decreases, Mikk said.
Narva Õlitehas exports about 40% of its output and sells the rest to local thermal energy producers.
The company processes 1.3 million tons of shale oil annually, producing liquid fuels of different fractions, high-calorie shale oil gas, and road bitumen.

Source: Estonian Review

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