Manufacture of refined petroleum products revenue in Estonia 2010-2022

After witnessing 67 percent growth between 2010-2013, revenues of the Estonian refined petroleum products manufacturing industry are projected to decline from 334 million U.S. dollars in 2013 to 248 million U.S. dollars by 2022. A declining trend can in fact be observed in majority of the European countries including Greece, Portugal, Poland and Luxembourg, to name a few, owing to the growing use of renewable sources for energy generation. Until three decades back, Estonia relied completely on oil, gas and coal sources for energy production. However, as of 2015, the share of fossil fuels has declined to 84 percent as the total renewable capacity is witnessing a rise. The share of renewable energy in final energy consumption amounted to just under 30 percent as of 2018.

Construction of new shale oil plant in jeopardy

Environmental organisations have filled a case against the Estonian authorities over the establishment of a new shale oil plant in the country. The organisations believe that the construction of the new oil plant violates section five of the constitution and opposes a move towards a sustainable future. Public funds worth 125 million euros are said to be used for the construction of this project.

Manufacture of refined petroleum products revenue in Estonia from 2010 to 2022

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Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

The industry classification is based on the NACE Rev. 2 - system in Estonia. The industry “manufacture of refined petroleum products“ has the code “C192“.

Details on the methodology can be found here.

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