Estonia's state energy company says it has signed a major contract with France's Alstom SA to build an oil shale-fueled power plant near the Russian border, according to AP. Eesti Energia says the ¤950 million ($1.3 billion) deal calls for constructing two 300-megawatt energy units in the town of Narva. The deal signed Friday represents one of the largest investments in Estonia since it achieved independence in 1991. The first phase of construction is expected to be completed by 2015. Estonia is the most oil shale-dependent country in the world, fulfilling some 95 percent of its electricity needs with the fossil fuel.
