Outotec to provide basic engineering for oil shale plant in Narva, Estonia

OUTOTEC OYJ PRESS RELEASE, DECEMBER 22, 2008 AT 1.00 PM

Outotec has agreed with Eesti Energia's subsidiaries Narva Õlitehas and Energoremont on the delivery of basic engineering and test work for a plant producing oil from the Estonian oil shale by using Eesti Energia's improved solid heat carrier (TSK) technology and Outotec's circulating fluidized bed technology.

The basic engineering and test work will be carried out during the first half of 2009 in Outotec's offices and research center in Germany. The plant will be located in Narva and it is designed to produce approximately 36 tonnes of oil and 9,000 m3 gas per hour from oil shale. The annual oil production is estimated to be 1.5 million barrels.

This agreement strengthens the cooperation between Outotec and Eesti Energia. The companies have agreed to form a joint company for the development and marketing of sustainable, energy-efficient and economically viable oil shale processing methods. The joint company aims to improve the existing technologies for producing raw shale oil, to exploit the improved technology in commercial production plants in Narva, Estonia, and to commercialize the technology for use on oil shale deposits worldwide.

The decision for the construction of the first new oil production plant in Narva based on improved technology is aimed to be made in the second quarter of 2009.

For further information please contact:

OUTOTEC GmbH

Peter Weber, President - Metals Processing

tel. +49 17 2688 9188

e-mail peter.weber(at)Outotec.com

OUTOTEC OYJ

Eila Paatela, Vice President - Corporate Communications

tel. +358 20 529 2004, +358 400 817198

e-mail eila.paatela(at)outotec.com

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