13 December, Wednesday


Nord Stream II to generate €5 bln in output for Europe

Economy

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The Nord Stream II natural gas pipeline project will benefit the European economy by creating €5 billion in total output and 30,000 full time jobs over five years, Annette Berkhahn, senior advisor at Paris-based consultancy company Arthur D. Little said on late Monday.
 
Berkhahn spoke during the Baltic Energy Summit in Lithuanian capital Vilnius, where she highlighted the key elements in Arthur D. Little's latest report on the Nord Stream II.
 
She said many job opportunities would arise for Europeans from the project and said its impact would differ depending on the economic structure of each country involved.
 
"The pipeline construction will affect many different countries and sectors, inside and outside Europe, and the most pronounced impact will be seen in Russia and Germany but also in Finland, Sweden, the Netherlands, Italy and the U.K," she said.
 
The company's report refers specifically to the direct effects of the investment, and that other indirect effects, both positive and negative, have not yet been fully studied, she explained.
 
According to Berkhahn, direct effects include engineering, conductors, direct purchases, project management while indirect effects involve subcontractors, office supplies, raw materials, transportation, IT services and tools.
 
Other benefits from the project would include the expenditure from the employed staff including, clothing, travel, accommodation, food drink and household spending, she explained.
 
The Nord Stream II is a 1,200-kilometer-long pipeline project, which aims to double the current capacity of 55 billion cubic meters per year for the Nord Stream pipeline.
 
The project faces resistance from some European countries such as Lithuania, Poland and Denmark.

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