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Alexela Energia to acquire Kiviõli Keemiatööstus

24.03.14

Holding company Alexela Energia AS filed an application with the Competition Board for acquiring Kiviõli Keemiatööstus in full. The price of the transaction is confidential by mutual agreement of the parties.

Member of the Management Board of Alexela Energia AS Marti Hääl said that the company has invested over 15 million euros in the development of Kiviõli Keemiatööstus over two years, the majority of which is comprised of environmental investments. “The development strategy of Kiviõli Keemiatööstus prescribes additional investments in the amount 55 million euros from 2015-2020, resulting in the creation of 100 new jobs in addition to the existing 650,” explained Hääl.

Alexela Energia acquired a 50% holding in Kiviõli Keemiatööstus with the contract signed on 20 December 2011. The acquisition of the remaining 50% of the company will enter into force after the consent of the Competition Board has been received.

Alexela Energia is Alexela group’s holding company in the area of energy, which comprises motor fuel retailer Alexela Oil, oil product logistics company Alexela Logistics, LNG terminal developer Balti Gaas, fuel trade company Energia Nord, shale oil manufacturer Kiviõli Keemiatööstus, liquefied gas company Reola Gaas, electricity seller Elektrimüügi AS and waste treatment company Eesti Keskkonnateenused.

The consolidated turnover of the companies belonging to Alexela Energia exceeded 214 million euros in 2013 and the companies employ more than 1500 people all over Estonia. Kiviõli Keemiatööstus is an oil shale company that also generates heat and electricity. The company’s turnover in 2013 exceeded 35 million euros.