Estonian investors plan to build a €1 billion biorefinery. If this plan is completed, it will be the most modern biorefinery in Europe, and the largest ever industry investment in Estonia.
A group of Estonian investors, with a long-term forestry and wood industry experience, is considering building a modern and environmentally sound biorefinery in Estonia. Some forecasts say that the value added by the bioproducts mill would be €210 to €270 million, which was approximately 1-1,4 per cent of Estonia’s entire GDP in 2015.
In comparison with today’s situation, where wood is exported to the Nordic countries as a raw material, the biorefinery would increase the added value to the wood by four to five times, according to the investors.
According to Margus Kohava, a forestry industry expert:
“The biorefinery would annually increase Estonian export by €250-350 million, meanwhile the value of overall exports of Estonian products would grow by two to three per cent. As a result of building the mill, Estonian’s manufacturing industry sector’s average added value would increase by seven to nine per cent per employee. The mill would create 200 qualified new direct jobs outside the capital region and in addition 500-700 new jobs in the value chain servicing the mill”.
Main photo credit: Rafal Chudy