Arctic Corridor offers businesses and investors an opportunity to get involved with major projects in Arctic Europe.
Oil and gas
An estimated 20-30 % of the world’s untapped gas reserves and 5-13 % of oil reserves are located in Arctic Regions. Recently Norwegian Petroleum Directorate doubled its estimate of undiscovered oil and gas resources in its region of Arctic Barents Sea.
Arctic ore fields
Fennoscandian Shield has a long, diverse geological history and a high potential for discovering new ore deposits. For example in 2012 opened Kevitsa mine in Sodankylä is already Finland’s largest in terms of volume quarried. The nearby Sakatti deposit is expected to be significantly richer in ore concentration.
Northern Sea Route
Northern Sea Route (NSR) is around one third shorter than other sea routes between Europe and Asia. This saves both time and expenses. While the transit traffic along the NSR is still low, the destination traffic is significantly increasing up to estimated 38 Mt in 2020 and 80 Mt in 2030.
The missing part from the railway route between the Mediterranean to the Arctic Ocean is the gap between Rovaniemi and Kirkenes. Cost estimate for this Arctic Railway Project is €3 billion. Building of the railway could start in the late 2030's.
Please have a look at a promotion video of this missing railway link below!
Video also available in Weibo (copy the link):
Private company to build Arctic Railway?
Finest Bay Area Development Oy which is a company behind Helsinki-Tallinn tunnel project has taken the initiative to build Arctic Railway from Rovaniemi to Kirkenes. Mr Peter Vesterbacka, representant of the company, aims to complete the rail project within 10 years, and if completed, it would create a fast connection from Rovaniemi to the northeast coastal city of Kirkenes in Norway. The railway would benefit tourism and freight. Arctic Railway could cut 20 freight days on cargo trips from Asia to Europe.