Estonian company choses Latvian wood resources to build EUR 700 million biorefinery

Estonian company Fibenol is investing €700 million in a biorefinery in Latvia. As recently as 2022, the company's main shareholder Raul Kirjanen, had not ruled out the possibility of building the plant in Estonia. According to a Fibenol press release, on March 15, a memorandum of understanding was signed between Estonian company Fibenol OÜ and the ministries of economy, finance, agriculture, climate and energy, as well as the Investment and Development Agency of Latvia (LIAA) for the implementation of a €600-700 million investment project. "Coming from Estonia, we recognize that countries rich in wood resources aren ...