OREANDA-NEWS. April 24, 2014. Alexela Energia has finalized the purchase of the second half of Kivioli Keemiatoostuse OU, operators of the Kivioli Shale Oil plant, having bought the first half at the end of 2011.

The transaction was subject to approval by the Competition Authority and was in valued by Aripaev on Monday to be in the region of 40 to 50 million euros. The 2011 sale was worth slightly over 30 million euros.

Marti Haal, a board member of Alexela Energia, said in March the plant has received 15 million euros in investments in the past two years and Alexela will now invest a further 55 million in the next five or six years.

The company, which also runs a oil shale mine, had a turnover of 35 million euros last year, earning 10 million in profit.

Alexela Energia is part of the Alexela Group, which also owns petrol station network Alexela.