Nord Stream 2's Job and Economic Impact on EU
The total economic benefit of the Nord Stream 2 project for the European Union (EU), as of December 2018, is over $11 billion (EUR 9.9 billion), according to a new report from management consultancy company Arthur D. Little (ADL).
The report, which was released on Tuesday, revealed that the project has also added $5.28 billion (EUR 4.74 billion) in GDP for the EU and created 57,450 full-time equivalent jobs in the region as of December last year.
According to the report, the biggest winner within the EU in connection with the project is Germany, which saw the highest economic benefit, the most added GDP and the most full-time equivalent jobs created as a result of Nord Stream 2, as of December 2018.
“At a time when the oil and gas industry is experiencing cut-backs and lay-offs, this report transparently demonstrates the benefits of large energy infrastructure projects such as Nord Stream 2,” Michael Kruse, partner in ADL’s energy and utilities practice, said in a company statement.
The Nord Stream 2 project aims to provide the means for safe and secure supply of natural gas to the EU gas market. Nord Stream 2 will complement two already-existing pipelines through the Baltic Sea and add 55 billion cubic meters of design capacity. The system will consist of two parallel pipelines stretching from Narva Bay on the Baltic Sea coast to Lubmin in Germany.
More than 1,000 contractors from all over Europe and Russia are contributing to the realization of the project, according to the report, which was commissioned by Nord Stream 2.
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