OUTOTEC OYJ STOCK EXCHANGE RELEASE, JULY 10, 2009 AT 1.00 PM
OUTOTEC SIGNED EUR 110 MILLION OIL SHALE TECHNOLOGY CONTRACT WITH EESTI ENERGIA
Outotec has reached an agreement with Eesti Energia for the design, delivery and construction of a new oil shale processing plant to be built in Narva, Estonia. The contract is valued at approximately EUR 110 million. Outotec has already made basic engineering for the same plant, which is scheduled for commissioning in early 2012.
Outotec and Eesti Energia have developed a solution, which greatly improves the existing solid heat carrier process for the extraction of oil from oil shale and other hydrocarbon materials. In course of the development, large-scale test work was conducted primarily at Outotec's research center in Frankfurt, Germany. The new sustainable process, called Enefit, utilizes the latest fluidized bed technology.
Outotec's scope of delivery includes engineering, procurement, equipment supplies, construction and commissioning of key plant sections of the new plant based on the Enefit technology. The plant will process over 2.2 million tonnes of oil shale annually, resulting in roughly 290,000 tonnes of oil. The spent oil shale from the pyrolysis will be combusted in a circulating fluidized bed reactor. The combustion energy is utilized to dry and heat up the raw oil shale and to produce steam for electrical energy generation.
"This contract is a significant breakthrough in applying our existing technologies within other process industries, such as oil shale processing. Furthermore, the new sustainable technology enhances energy efficiency and ensures compliance with the European Union's environmental regulations," stated Outotec's CEO Tapani Järvinen.
For further information please contact:
Peter Weber, President - Metals Processing division
tel. +49 6171 9693 165
Eila Paatela, Vice President - Corporate Communications
tel. +358 20 529 2004, +358 400 817 198
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