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Eestimaa Õlikonsortsium
Company based in Estonia From Wikipedia, the free encyclopedia
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Eestimaa Õlikonsortsium (Swedish: Estländska Oljeskifferkonsortiet; English: Estonian Oil Consortium) was an oil shale company located in Sillamäe, Estonia. The company was established in 1926.[1][2] It was a Swedish–Norwegian consortium controlled by Marcus Wallenberg. Main shareholders were Investor AB, AB Emissionsinstitutet, and Norsk Hydro.[1]
The consortium built a tunnel oven in 1928. However, due to recession, production halted in 1930 and was not restarted until 1936, when it was reorganized as Baltic Oil Company.[3][4] A second tunnel oven was added in 1938.[5] In 1936, it produced 15,000 tonnes of oil, including 2,400 tonnes of gasoline.[3]
In July 1938, Eestimaa Õlikonsortsium concluded a contract with the German Kriegsmarine to supply shale oil as a ship fuel.[6] In 1939, it produced 36,944 tonnes of shale oil.[7] After occupation of Estonia by the Soviet Union, the company was nationalized in 1940.[8] According to Soviet-Swedish agreement of 1941, the Soviet Union made a one-time payment in 1947, covering only part of the company's value.[4]
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