Shale oil producer to lay off nearly 500 workers

Citing a continuous significant decline in global oil prices, the northeast Estonia based shale oil producer Viru Keemia Grupp (VKG) announced on Jan.15 2016 it will make approximately 500 employees redundant.

The management board of VKG decided to conserve the oil plants using Kiviter technology. Production of shale oil will continue at three oil shale processing plants using Petroter technology for which oil shale is mined at VKG’s own Ojamaa mine, VKG said.

Source: Baltic News Service via Estonian Review

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