Economic Analysis: Theory and Practice
 

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Approaches to assessing the effectiveness of integrated investment projects: Evidence from the Russian fuel and energy industry

Vol. 18, Iss. 5, MAY 2019

Received: 18 February 2019

Received in revised form: 27 February 2019

Accepted: 3 April 2019

Available online: 30 May 2019

Subject Heading: INVESTMENT ANALYSIS

JEL Classification: D92, E22

Pages: 895–909

https://doi.org/10.24891/ea.18.5.895

Nazarova Yu.A. OOO NIIgazekonomika, Moscow, Russian Federation
j.a.nazarova@mail.ru

https://orcid.org/0000-0002-5017-0281

Kropina E.A. OOO NIIgazekonomika, Moscow, Russian Federation
senya25@gmail.com

ORCID id: not available

Shishkin A.G. OOO NIIgazekonomika, Moscow, Russian Federation
shishkin@cs.msu.ru

https://orcid.org/0000-0002-6170-8630

Gavryusev S.V. OOO NIIgazekonomika, Moscow, Russian Federation
Politolog201213@yandex.ru

ORCID id: not available

Subject The article deals with the integrated approach to assessing the efficiency of investments.
Objectives The purpose of the study is to provide a rationale for the benefits of integrated approach to assessing the efficiency of investments in the fuel and energy complex.
Methods The study rests on the comparative approach and method of hierarchical classification.
Results The accuracy of obtained estimates of the efficiency of investment in the fuel and energy complex is of particular importance due to limited financial resources and increasing capital intensity of field development. However, the existing methods to determine investment efficiency for complex projects in many cases lead to incorrect results. The offered method of integrated assessment aims to eliminate shortcomings of existing approaches. Its key issue is to consider investment in a complex project as a single system consisting of subsystems, i.e. separate projects. The method is particularly effective when assessing the large-scale investment projects of major energy companies.
Conclusions The positive effect of increased accuracy of the assessment and the reduced risk of unsound investment exceed the costs associated with increasing complexity of estimation procedure within the developed method.

Keywords: economic efficiency, integrated project, fuel and energy complex, strategic project, interdependent project

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