Fortum Power and Heat Oy
29 may 2009
Fortum sells its Central Finland peat production to Vapo
According to a contract signed today 29 May 2009 between Fortum and Vapo Oy,
Fortum sells its Central Finland peat production to Vapo. At the same time,
Fortum and Vapo made a long-term contract on delivering peat to Fortum's Joensuu
Fortum's peat bogs to be sold are mostly located in leased areas in the
municipalities of Soini, Karstula, Saarijärvi and Petäjävesi and their combined
area is approximately 600 hectares. Fortum does not employ permanent staff in
The divestment is part of the business development programme of Fortum's Heat
segment aiming at ensuring long term profitability of the segment.
- We are withdrawing from peat production in an area where we do not need peat
ourselves. With the new delivery contract, we guarantee the fuel supply to our
Joensuu power plant and strengthen the competitiveness of its production, says
Miikka Veikkola from Fortum.
Through the purchase, Vapo enhances its delivery potential in Central Finland
and increases the utilisation rate of its peat production areas in North
- Areas that we now acquire are in an excellent shape and increase immediately
Vapo's potential for production and delivery in Central Finland, says Risto
Jormalainen, Resource Director from Vapo.
Miikka Veikkola, Energy Sales Director, Fortum Heat, tel.: +358 50 453 6296
Risto Jormalainen, Resource Director, Vapo Oy, tel.: +358 20 790 5632
Tommi Ruha, Sales Director, Vapo Oy, tel.: +358 20 790 4426