COBALT advised holding company Alexela Energia on its purchase of 50% shares in North Estonian shale oil producer Kiviõli Keemiatööstus (Kiviõli Chemicals Industry). The parties have agreed not to disclose the price of the transaction.
Alexela Energia council chairman Heiti Hääl said that the purchase is strategic. “Alexela companies have been active in the energy carriers’ trade in Estonia for two decades. Producing shale oil is one of the few local raw material-based production spheres in Estonia focused on export markets. We believe that with the help of Alexela’s know-how, we can support the development of Kiviõli Keemiatööstus in the international raw material markets and help the company in making additional investments to increase production capacity,” Hääl said.
The project legal team included partner Peeter Kutman, partner Marti Hääl and associate Ott Aava.