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National Interests: Priorities and Security
 

Hydrocarbon export is a financial generator of the Russian economy and foreign trade: Opportunities and prospects

Vol. 14, Iss. 5, MAY 2018

PDF  Article PDF Version

Received: 24 May 2017

Received in revised form: 15 February 2018

Accepted: 21 March 2018

Available online: 15 May 2018

Subject Heading: ECONOMIC POLICY OF THE STATE

JEL Classification: F01, G01, H61, L71, O03, Q35

Pages: 860–896

https://doi.org/10.24891/ni.14.5.860

Shevchenko I.V. Kuban State University, Krasnodar, Russian Federation
decan@econ.kubsu.ru

ORCID id: not available

Korobeinikova M.S. Kuban State University, Krasnodar, Russian Federation
maria22@yandex.ru

ORCID id: not available

Importance The article reviews the Oil & Gas sector as a financial generator of the Russian economy, its opportunities and prospects for developing the industry and modernizing the national economy.
Objectives The research examines the potential of the Oil & Gas sector, economic growth through the expanded export. We also analyze how the foreign and domestic markets of oil products interact and outline what actions should be undertaken to develop the Oil & Gas sector, pursuing the sectoral efficiency, social significance, scientific advancement and saving the reserve fund.
Methods The research involves methods of analysis and expert assessments.
Results We substantiate prospects of the Oil & Gas sector, its modernization, capitalization, taxation, commercialization of the sector-specific research. The sector combines public and private types and forms of economic activities. Our proposals focus on strengthened differentiation of taxation, zero-capitalization taxation of successful oil companies, quality and advanced refining of hydrocarbon materials, increased export of finished products, replenishment of the Russian budget through new competitive innovative enterprises, supply of oil products to the State-financed sector. For purposes of the effective development of science, ecology, innovative technologies for oil and gas, it is reasonable to set up the special-purpose national fund for science and ecology of geological survey, mining and production of natural resources using surplus revenue from oil export and capital of stakeholders and results of the fund's performance.
Conclusions and Relevance The capitalization of the Oil & Gas sector's savings and investment in the innovative and industrial economy may contribute to the technological breakthrough of the domestic economy and expansion of foreign trade worldwide.

Keywords: hydrocarbon export, Oil & Gas, federal budget, stabilization fund, research fund, foreign trade

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