OUTOTEC OYJ STOCK EXCHANGE RELEASE, JULY 10, 2009 AT 1.00 PM
OUTOTEC SIGNED EUR 110 MILLION OIL SHALE TECHNOLOGY CONTRACT WITH
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
Nasdaq OMX Helsinki
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