March 2016

Changes in Viru Keemia Grupp’s Board composition

The board of Viru Keemia Grupp have supported the decision of Ahti Puur, the Vice Chairman of the Board and Financial Director, to withdraw from his official capacity. The position of the Board Member and Financial Director is taken up by Jaanis Sepp, who formerly held the position of Deputy Financial Director. The board of the concern have also accepted the resignation letter submitted by VKG Board Member Jaanus Purga.  The changes come into force on April 1. 

Ahti Asmann, the Chairman of the Viru Keemia Grupp’s Board: “On behalf of the Board, I thank Ahti and Janus for the long-term diligent and fruitful work in the concern. It is difficult to overestimate their professional competency, as well as their contribution into the management and success of many projects. We have highly appreciated Ahti’s capability to effectively run the big concern’s commercial activity both in actively developing and unstable economic environment. Janus has made a substantial contribution into the fast development of the concern, as well as into the extension of new business lines. It is exactly due to concerted efforts of the team and the synergy attained, that we were able to realize the ambitious projects and achieve the impressive results.  The Board respects the Ahti’s and Janus’s desire to apply their strength, energy and the gained experience in realization of new projects. On behalf of the Board and on my own behalf, I wish them every success and new interesting challenges. Speaking for the Board, I can say that we are glad that in the name of Jaanis Sepp, who has a vast experience in the field of corporate banking along with the competencies necessary for successful running the concern’s financial activity, we have received a worthy successor to Ahti Puur”.   

Ahti Puur started his career with the concern in 2006 as a Board Member of the concern’s affiliate VKG Elektrivõrgud. Since 2009 he held the position of the Financial Director and the Vice Chairman of the Board at Viru Keemia Grupp. In 2014 BIG4 audit firms and Äripäev nominated Ahti Puur as The Financial Director of the Year.

Ahti Puur, the Vice Chairman of the Board and Financial Director of Viru Keemia Grupp: “For me, these ten years in the concern were a special period during which together with all VKG’s team I managed to do a lot.  Last week, the negotiations held with the banks on the matter of restructuring the loans received by the concern were successfully accomplished, and I decided that it was a high time to draw a line under one of the stages in my life. It is a well-considered decision. My life has been rich in various events and run at a very quick pace, and, what is more, away from my home, at major. In this regard, now I would like to enjoy with the oncoming of spring, to recreate and then to take up new challenges”. 

Jaanis Sepp, Deputy Financial Director at Viru Keemia Grupp: “I am grateful to the Board of the concern for the credence given to me. Over the past years, Ahti Puur, managed to create a highly professional team and to perform excellent work on organizing the financial activity of the concern, I am glad to become his successor.  On my behalf, I am eager to do all my best to attain the efficient and successful work of the concern during so interesting and tough times offering so many various challenges”. 

Due to the instability of the petroleum world market, VKG has corrected its investment activity. The concern has a firm intention to finalize all the projects launched in the sphere of the environment, however, no new investment projects are planned for the nearest future. Due to the fact that the majority of the projects are being suspended, Jaanus Purga has taken the decision to leave the concern. This April, the sixteen-year-long period of his work in the concern as the Board Member and the Development Director will be accomplished. 

Jaanus Purga, the Board Member of Viru Keemia Grupp: “Sixteen years is not a short period, these years have been dedicated to the development of the Estonian oil shale industry, to forming up the Viru Keemia Grupp production as well as to popularisation of the knowledge on oil shale all over the world. VKG has been my best and the most interesting workplace, I wish everybody such an eagerness for cooperation and such understanding.  Here, we have been more like friends, for what I am grateful to VKG’s shareholders. Now the time has come to move further on and to get engaged in something else“. 

The management of the concern will be carried out by the Board headed by Ahti Asmann and comprising five people. At the moment, filling the vacancy of the Development Director is not planned. 

VKG is one of the largest Estonian enterprises involved in oil shale processing, the second-largest shale oil producer in the world. The annual contribution made by the concern into the state budget is as large as about 35 million Euro, more than one third of which are various fees for the natural resource use. The concern owns an oil shale mine, oil shale processing plants, electric power station, as well as electric power – and heat- distributing works.  

Additional information:
Irina Bojenko
VKG Public Relations Manager
Phone: 334 2702
GSM 523 2700