European High North- Investments video
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Lapland Chamber of Commerce has produced about 4 minutes video presenting investments in the European High North.
First version of this video was shown in Arctic Business Forum on 21.2.2012.
Hammerfest in investment boom
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Hammerfest is today already the world's northernmost town, and it can become one of the leading business centers in the European High North. The development of Hammerfest changed dramatically, almost exactly ten years ago, when the Norwegian Parliament decided to authorize Snowhite gas field and LNG plant to be build to Melköya, just outside of the town. Gas production was launched five years ago and the declining population of Hammerfest began to increase. 
The municipality started to build new residential areas and seaside landscape has been changing when the shiny new cultural center was built. Next year the oil company ENI Norge is opening shiny new office palace made of glass and steel in the neighborhood of the cultural center.
The development of Hammerfest did not stop When Snowwhite was completed. Currently ENI Norge is building the Goliat oil field in front of Hammerfest. The field is estimated to cost 3.7 billion euro, but it is not yet visible in the town, because the rig is built in South Korea and is expected to be completed in Polarbase just in the outskirts of Hammerfest in May-June 2013. The management of Hammerfest is hoping that the rig would be so complete, that the work could be done in the north. If the work is very demanding the final equipping of the drilling rig can take place in Bergen. Production of the Goliat field begins at the end of 2013. The employment effect is smaller than the Snowwhite but it still brings 130 new permanent jobs to Hammerfest.
The investment activity continues strongly even after the Goliat. Petroarctic the organization of Northern Norway's subcontracting companies stated that the next investment is going to be the second phase of the Snowwhite gasfield. The costs of the "Snowwhite Train 2" is higher than previously estimated, almost 7.9 billion euros. The amount of new jobs is going to be 300. The investment decision is going to happen in 2013.
The implementation of Skrugard and two more oil/gas fields is expected to start before the end of this decade. It is estimated to cost as much as 11.8 billion euros, which is all time highest in the Barents Sea before gigantic Shtokmanovskoje. There are also going to be onshore investment projects too.These are for example nature gas power plant about 660 million, DRI (Direct Reduced Iron), steel mill about 530 million, and Carbon Black-plant about 131 million. All these investments are expected to be completed by 2030 and the total cost estimate is rattling around huge 24.7 billion euros. New jobs are a total of 1140.
The long-awaited ALCOA's aluminum mill project is not going to be realized according to the management of Hammerfest. In spite of this the development of the business infrastructure is rapidly developing in the town. Former fishing town is today a promising center of suppliers to the oil and gas industry. the companies of Hammerfest were supplying the offshore industry with 187 million euro in 2010. The amount of the companies is still very low and companies are small, but the business centers are all the time growing. Nordland seems to be the number one region in North Norway supplying industry. According to the Levert! - report published last year the Northern Norway had 189 companies supplying to the oil and gas industry with just under 480 million euro. Nordland had 86 of these companies, Finnmark 55 and Troms 48. Deliveries were quite small in size, as only 16 companies reached 50 million kroner, or about 6.6 million euro. There are so far three Finnish companies in Hammerfest: Havator, YIT and Cramo. There have been very few Finnish business visitors to Hammerfest during last years. We'll see if there is going to be a change of the situation later this year.
President of the Republic Sauli Niinistö: Finland already has an Arctic strategy; now we need Arctic action!
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The new President of the Republic of Finland Sauli Niinistö and Mrs. Jenni Haukio visited Inari Lapland on 2.-3.4.2012. They took part in the opening ceremonies of the Sami Cultural Centre Sajos and the Sami Parliament. President of the Republic Niinistö took also part to The Arctic Dimension Forum in Sami Museum. President of the Republic said in his opening speech that the Arctic region has become a strategic area of interest in global politics thanks to new shipping routes and an abundance of natural resources. In the future, the Arctic region may become Europe’s principal energy source besides providing access from Asia to Europe and North America. This increase in the importance of the region is mainly due to megatrends such as climate change, globalisation and technological advances. We must seek to curb global warming, but we must also adapt to it. He also noted that Finland has no coastline on the Arctic Ocean and therefore no direct holding in the oil and gas resources of the Barents Sea. However, Finland is excellently placed to benefit from major projects in the region. According to calculations released by the Lapland Chamber of Commerce in February, investments in the northern areas of continental Europe over the next ten years are estimated at EUR 125 billion. Of this, northern Finland alone is estimated to account for EUR 22 billion. It is also noteworthy that Norwegian oil drilling operations are increasingly migrating northwards, which translates into direct employment opportunities for experts in northern Finland. Finland already has an Arctic strategy; now we need Arctic action! (the whole speech from: http://www.tpk.fi/public/default.aspx?contentid=245940&culture=en-US )
Other speakers of the Arctic Dimension Forum were CEO Timo Rautajoki from Lapland Chamber of Commerce, CEO Tero Vauraste from Arctia Shipping, Regional director Kimmo Pietikäinen from the Geological Survey of Finland and Director, Professor Paula Kankaanpää from Lapland University Arctic Centre. The Forum was moderated by County Governor Esko Lotvonen.
Arctic Business Forum materials to EU High Representative Catharine Ashton
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The High Representative of the EU Lady Catharine Ashton visited today Rovaniemi with Minister of Foreign Affairs of Finland, Mr. Erkki Tuomioja and Minister of Foreign Affairs of Sweden, Mr. Carl Bildt. The main reason for HR Ashton´s visit was the plan to open European union Arctic Information Office in Rovaniemi. The visit was also connected to at least Finnish and also European union plan to expand the membership of Arctic Council so that the EU could become a member. 
The chair of Arctic Council is Sweden and minister Carl Bildt was picking up HR Ashton from Rovaniemi to Kiruna. From Kiruna HR Ashton travels to Spitsbergen together with the Minister of Foreign Affairs of Norway, Mr. Jonas Gahr Störe. In Rovaniemi University of Lapland, Arctic Centre and MFA of Finland organized short seminar regarding Arctic Cooperation. Minister Erkki Tuomioja aligned the main lines of Finnish Arctic policy in three parts. First of all Arctic Region is important for Finland because of the great investment potential of the North, then mining industry is opening the business and the green mining technology is important for Finland and the role of the indigenous people is essential and their rights must be respected. EU Arctic Information Office project is also proceeding and good news are expected later this year related to the forthcoming new EU Commision Arctic Report. HR Catharine Ashton emphasized the importance of Arctic Region for the EU and the interest of the EU to become member of Arctic Council. HR Ashton commented the Rovaniemi EU Arctic Information Office situation only that it is still under processing, but it looks promising. Lapland Chamber of Commerce had the opportunity to give material from the Arctic Business Forum 2012 to HR Catharine Ashton and her delegation. The Invesment Catalogue 2012 and the book of Laurence C. Smith "The New North - the World in 2050" were delivered to the dignified guests.
