Mansur H. Gazeev, Natalia A. Volynskaya & Anatoly B. Rybak

The specific nature of the conditions for the implementation of investment projects in the Arctic zone, in particular, the development of hydrocarbon resources (HCR), requires a national economic approach in assessing economic efficiency. This is due to the high capital intensity, the use and creation of special (innovative) materials, machinery and technologies, the lack of production infrastructure in most of the territories, the increased sensitivity of the natural environment of the Arctic zone to man-caused stresses.

An assessment of economic efficiency based on the indicators of commercial efficiency is insufficient and erroneous. The rationale for investment decisions should be based on comprehensive national economic assessments. In terms of content, such an assessment characterizes the expected magnitude of the full national economic effect of the project and possible environmental damage.

An indicator of the combined economic effect (𝐸𝐶) of the development of the hydrocarbon resources in the Arctic zone is proposed.

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