ISSN 1999-6942

Scientific-economic journal

PROBLEMS OF ECONOMICS

AND MANAGEMENT OF OIL AND GAS COMPLEX

December 2020                        12(192)                    12 issues per year

 

CONTENТS

 

ECONOMICS

 

Morozov V.V., Polayeva G.B. The growth limit of the Russian economic model (p. 5‑10)

 

Stekhova D.O. Energy products trading: added value in the context of digitalization (p. 11‑15)

 

Shtopakov I.E., Arshinov G.A. Development of the global LNG industry as a strategic alternative for Russian oil and gas companies (p. 16‑25)

 

ORGANIZATION AND MANAGEMENT

 

Andreev A.F., Bunkovsky D.V. Assessment of opportunities for interaction of large and small industrial entrepreneurship in oil refining on the example of using supplementary oil refining products (part II) (p. 26‑30)

 

Anisimova S.E., Volodina I.N., Shaporda Z.V. Is it rational to use CAPM models to calculate WACC parameter for oil and gas companies (p. 31‑35)

 

WORLD OIL AND GAS BUSINESS

 

Eremina I.Yu., Kolpakov P.A., Ukolov P.A., Chuprova I.Yu. Comparative analysis of the labor payment systems in developed and developing countries (p. 36‑40)

 

Khartukov E.M. Oil Spills: Economics of clean-up activities (p. 41‑44)

 

Mastepanov A.M., Hirofumi Arai. General projects of Japan hydrogen strategy and their future influence on the prospects of oil and gas industry development in Russia (p. 45‑54)

 

Filimonova I.V., Komarova A.V., Mishenin M.V., Kozhevin V.D. Export of oil and petroleum products from Russia to Atlantic and Pacific destinations (p. 55‑62)

 

List of articles, published in 2020 (p. 63‑67)

 

 

Information on the articles

 

UDC 330.354          DOI: 10.33285/1999-6942-2020-12(192)-5-10

 

THE GROWTH LIMIT OF THE RUSSIAN ECONOMIC MODEL (p. 5)

 

Vitaly Vladimirovich Morozov, Cand. of economic sci., associate professor of the Department of Economic Theory, Faculty of International Energy Business,

Gosel Baygeldyevna Polayeva, Cand. of economic sci., associate professor

 

National University of Oil and Gas "Gubkin University"

65, bld. 1, Leninsky prosp., Moscow, 119991, Russian Federation,

e-mail: Morozoff.vv@rambler.ru, gosel_polayeva@mail.ru

 

Based on the analysis of leading indicators, the paper reveals the pattern of growing of systemic economic crisis in Russia. The authors of the paper analyze the long-term trend of GDP growth reduction in the Russian economy due to the achievement of the current economy model of its limit. The growth limit of the Russian economic model of is associated by the authors with a change in relative prices in the world economy, because of which its traditional export destinations lose their ability to generate the necessary revenue stream. At the same time, the authors focus on the low involvement of Russian companies in global value chains, on the basis of which modern world trade is based. The factors limiting the involvement of Russian companies and the national economy as a whole in the formation of global value added generation chains, the difficulty of overcoming which is associated with the growth limit of the Russian economic model, are determined.

 

Keywords: macroeconomics; economic growth; growth factors; economic model; economy; globalization; energy; COVID-19; oil; gas; world trade; world economy model.

 

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UDC 339.544          DOI: 10.33285/1999-6942-2020-12(192)-11-15

 

ENERGY PRODUCTS TRADING: ADDED VALUE
IN THE CONTEXT OF DIGITALIZATION (p. 11)

 

Diana Olegovna Stekhova, Cand. of economic sci.

 

National University of Oil and Gas "Gubkin University"

65, bld. 1, Leninsky prosp., Moscow, 119991, Russian Federation,

e-mail: diana.tyrtyshova@gmail.com

 

Transformation of international and mainly of European natural gas markets architecture, as well as a significant increase in short-term trading in electronic platforms, cause changes in the dominant trading mechanisms, physical gas flows and energy strategies, as well as effective models of interaction between market participants. This transformation, along with such trends as the strengthening of LNG global role, de-carbonization, digitalization and decentralization of energy production and consumption, increases the need for scientific analysis of the institutional role and place of gas trading in corporate strategies. Traders of energy products take on a diversified set of assets and risks, so the need for a structured approach to identifying factors of profitability and overall success of activities is much higher compared to integrated producers. The paper considers trading as a segment of the European natural gas markets and trading mechanism. Added value sources of trading are analyzed. Energy companies' portfolios become increasingly diversified due to inclusion of new types of raw commodities and other products. The portfolio optimization and balancing with various energy products, including hedging operations and multicomponent contracts with related products, increase monetization and reliability of natural gas supplies. The paper analyzes how the permanent and all-encompassing development of information technologies has transformed the organization and business processes of energy products trading. The growing trend of digitalization is affecting a wide range of fields, including gas and power trading. Thus, the traditional roles of market players are changing and they are forced to rethink once successful business models.

 

Keywords: energy market; natural gas; digitalization; trading; energy products; business process transformation.

 

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UDC 665.725          DOI: 10.33285/1999-6942-2020-12(192)-16-25

 

DEVELOPMENT OF THE GLOBAL LNG INDUSTRY AS A STRATEGIC
ALTERNATIVE FOR RUSSIAN OIL AND GAS COMPANIES (p. 16)

 

Igor Evgenyevich Shtopakov, Cand. of economic sci., associate professor,

Grigory Andreevich Arshinov, post-graduate student

 

National University of Oil and Gas "Gubkin University"

65, bld. 2, Leninsky prosp., Moscow, 119991, Russian Federation,

e-mail: kaldi52@mail.ru, garshinov@icloud.com

 

The oil and gas industry in Russia is one of the foundations of the country's economic development. Over the past decade, oil and gas companies have experienced numerous challenges and crises, including both global economic crises, nearly twice fall of oil prices, international sanctions and geopolitical tensions and an increase of hard-to-recover reserves share in a company’s portfolios, the active development of shale production, the growth of LNG production, the global trend towards digitalization and the growing problem with the shortage of highly qualified personnel. These factors, both in themselves and in total, have a huge impact on the current activities of oil and gas companies and their strategies, which ultimately causes a fundamental change in the industry appearance. The paper considers one of the most promising trends of oil and gas industry development – production of liquefied natural gas. The fact that development of liquefied natural gas production in Russia is the strategic priority is substantiated. In terms of their resource and technical-economic characteristics, as well as their strategic positioning, Russian LNG projects, despite their technological dependence, will remain competitive in the world market. The paper contains the results of the MIRT analysis, which identified the strengths and weaknesses of this strategic alternative implementation in Russia, as well as its competitive advantages. Conclusions about the feasibility of the accelerated development of LNG projects are made.

 

Keywords: oil and gas industry; strategic alternatives; competitiveness; liquefied natural gas; development scenarios; strategic opportunity; oil; natural gas; LNG.

 

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UDC 334.716          DOI: 10.33285/1999-6942-2020-12(192)-26-30

 

ASSESSMENT OF OPPORTUNITIES FOR INTERACTION
OF LARGE AND SMALL INDUSTRIAL ENTREPRENEURSHIP
IN OIL REFINING ON THE EXAMPLE OF USING SUPPLEMENTARY
OIL REFINING PRODUCTS (PART II) (p. 26)

 

Alexander Fedorovich Andreev, Dr. of economic. sci., professor, Head of the Department of Production Management

 

National University of Oil and Gas "Gubkin University"

65, bld. 2, Leninsky prosp., Moscow, 119991, Russian Federation,

e-mail: pro_men@list.ru

 

Dmitry Vladimirovich Bunkovsky, Cand. of economic. sci., associate professor of the Department of Philosophy, Psychology and Social and Humanitarian Disciplines

 

East Siberian Institute of the Ministry of Internal Affairs of Russia

110, Lermontov st., Irkutsk, 664074, Russian Federation,

e-mail: bdv611@yandex.ru

 

The paper discusses the possibilities of processing sulfur-containing by-products of oil refineries through the interaction of large and small (medium) industrial enterprises. According to the author’s method, the potential for the emergence of a small industrial enterprise, producing sulfur concrete and its interaction with a large oil refinery is estimated. The proposed method for assessing the possibilities of industrial entrepreneurship interaction is based on the application of the fuzzy logic theory. At the same time, the key components of the method were expert assessment methods and the MATLAB automated mathematical system apparatus.

Part I of this paper substantiates the feasibility of sulfur-containing wastes disposal from oil refineries. The structural composition of the interaction potential of industrial enterprises in the field of oil refining and petroleum chemistry is described. A method for evaluating the individual components of the potential under consideration is given. The entrepreneurial and commodity components of the potential are assessed.

Part II of this paper, in accordance with the previously described potential structure and the author’s method, provides a procedure for assessing the market, economic, regulatory, infrastructure, environmental, and technological components of the potential for the emergence of a small industrial enterprise for the production of sulfur concrete and its interaction with a large oil refinery.

 

Keywords: industrial entrepreneurship; enterprises interaction; sulfur processing; potential assessment; complexity of the use of raw materials; oil refining; small business; assessment methodology.

 

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UDC 330.322          DOI: 10.33285/1999-6942-2020-12(192)-31-35

 

IS IT RATIONAL TO USE CAPM MODELS TO CALCULATE
WACC PARAMETER FOR OIL AND GAS
COMPANIES (p. 31)

 

Svetlana Evgenievna Anisimova, Cand. of economic sci., associate professor,

Irina Nikolaevna Volodina, Cand. of economic sci., associate professor,

Zlata Viktorovna Shaporda, student

 

National University of Oil and Gas "Gubkin University"

65, bld. 1, Leninsky prosp., Moscow, 119991, Russian Federation,

e-mail: se2503@inbox.ru, 89161411560@mail.ru, shaporda@mail.ru

 

One of the main current issues of corporate financial management is calculation of the weighted average cost of capital (WACC). This indicator plays an important role in the proper formation of the investment portfolio, which, in its turn, will determine the future income of the investor. Currently, there exist several methods that are applied to determine the weighted average cost of capital. The present paper considers a CAPM (capital asset pricing model), which is widely used in the investment analysis. However, the CAPM is based on the assumption of market efficiency, which is unrealistic in practical settings and raises questions about the model-based results. The present paper also considers both cons and pros of the capital asset pricing model. The CAPM is also assessed in view of its application as a working model for calculation and analysis of the weighted average cost of capital; describe the main financial risks; that an investor may come across are described, securities of one of the Russian oil companies are analyzed by constructing a characteristic line. The topic considered in this paper will be of interest to specialists in finance and economics, investors and traders, participants of exchange trade.

 

Keywords: model of evaluating financial assets; CAPM; oil and gas sector of industry; evaluation of investments; weighted average cost of capital; building of an investment portfolio.

 

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UDC 331.2          DOI: 10.33285/1999-6942-2020-12(192)-36-40

 

COMPARATIVE ANALYSIS OF THE LABOR PAYMENT SYSTEMS
IN DEVELOPED AND DEVELOPING COUNTRIES (p. 36)

 

Irina Yurievna Eremina, Dr. of economic sci., Professor, Head of the Economics Theory Department,

Pavel Aleksandrovich Kolpakov, Cand. of economic sci., associate professor of the Economics Theory Department,

Pavel Andreevich Ukolov, post-graduate student of the Economics Theory Department,

Irina Yurievna Chuprova, Cand. of economic sci., head of property management

 

National University of Oil and Gas "Gubkin University"

65, bld. 1, Leninsky prosp., Moscow, 119991, Russian Federation,

e-mail: irinargung@mail.ru

 

The paper considers the labor payment systems in the United States, Great Britain, Germany, France, Japan and Russia. The labor payment systems are analyzed and their comparative analysis is given. The result of the research is the development of a new unified system of remuneration to be used in the Russian Federation. The proposed system accounts for foreign and domestic practical experience in conditions of digitalization of the world and domestic economy. It is proposed to transfer to a contract form of remuneration with the introduction of three basic coefficients for calculating the salary and further material stimulation of workers by these coefficients use. It is also proposed to review the structure of costs for HR maintenance, for the most effective employees’ stimulation and the establishment of an objective modern salary. The results of the research can be used when forming a new unified system of remuneration for personnel in the Russian Federation. The introduction and further development of a new system of remuneration in domestic companies will help, firstly, to simplify and improve the accuracy of planning personnel costs, secondly, it will reduce staff turnover and, thirdly, it will allow more fairly and objectively distribute the salary fund to employees based on basic factors such as qualifications, performance and work experience.

 

Keywords: remuneration system; HR cost structure; personnel; payroll; HR costs in the USA; HR costs in the Great Britain; HR costs in Germany; HR costs in France; HR costs in Japan; HR costs in Russia.

 

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UDC 339          DOI: 10.33285/1999-6942-2020-12(192)-41-44

 

OIL SPILLS: ECONOMICS OF CLEAN-UP ACTIVITIES (p. 41)

 

Evgeny Mikhailovich Khartukov, Dr. of economic sci., Professor, Head of the Center of Petroleum Business (CPBS) and the International Group of Analysis and Prediction of the world energy raw market (GAPMER), Vice-President (former USSR) of Geneva company "Petro-Logistics SA"

 

Moscow State Institute (University) for International Relations (MGIMO), Ministry of Foreign Affairs, Russian Federation

76, Vernadsky prosp., Moscow, 119454, Russian Federation,

e-mail: khartukov@gmail.com

 

Costs of oil clean-up activities in the world and Russia are analyzed.

 

Keywords: oil clean-up activities; oil spill; сost; Russia; Canada.

 

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UDC 338          DOI: 10.33285/1999-6942-2020-12(192)-45-54

 

GENERAL PROJECTS OF JAPAN HYDROGEN STRATEGY AND
THEIR FUTURE INFLUENCE ON THE PROSPECTS OF OIL AND GAS
INDUSTRY DEVELOPMENT IN RUSSIA (p. 45)

 

Alexey Mikhailovich Mastepanov, Dr. of economic sci., professor of the National University of Oil and Gas "Gubkin University", academician of the Russian Academy of Natural Sciences, Head of the Analytical Center of the Energy Policy and Security of IPNG RAS

 

Oil and Gas Research Institute Russian Academy of Sciences (OGRI RAS)

3, Gubkin str., Moscow, 119333, Russian Federation,

e-mail: amastepanov@mail.ru

 

National University of Oil and Gas "Gubkin University"

65, bld. 2, Leninsky prosp., Moscow, 119991, Russian Federation

 

Hirofumi Arai, Master of Engineering, Director of Research Divizion, Senior Research Fellow

 

The Economic Research Institute for North-East Asia – ERINA

Niigata, Japan

 

The paper analyzes the implementation of Japan's hydrogen policy and its main projects in this field from the standpoint of their possible impact on the prospects of the oil and gas industry development in Russia. The main tasks are considered in detail in view of hydrogen use and production with the priority trends of hydrogen energy development in Japan, formulated in the country's main state document in the field of energy ‒ the next (the fifth) Strategic Energy Plan. The ongoing work and ongoing projects are analyzed in each priority field, their achieved and expected results are presented. It is concluded that the widespread use of hydrogen and hydrogen technologies will definitely reduce Japan's dependence on the imported, including Russian ones, hydrocarbons. But this process will be extended in time, and a large-scale decrease of their import can be expected only beyond 2035.

 

Keywords: hydrogen and fuel cells – politics; projects; technologies; hydrogen use; hydrogen energy; import dependence; Japan; Russia.

 

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UDC 338.45          DOI: 10.33285/1999-6942-2020-12(192)-55-62

 

EXPORT OF OIL AND PETROLEUM PRODUCTS FROM RUSSIA
TO ATLANTIC AND PACIFIC DESTINATIONS (p. 55)

 

Irina Viktorovna Filimonova, Dr. of economic sci., Professor,

Anna Vladimirovna Komarova, Cand. of economic sci., associate professor,

Mikhail Vladimirovich Mishenin, Cand. of economic sci., associate professor,

Vladislav Dmitrievich Kozhevin, junior researcher

 

Trofimuk Institute of petroleum Geology and Geophysics SB RAS

3, Akademika Koptyuga prosp., Novosibirsk, 630090, Russian Federation,

e-mail: FilimonovaIV@list.ru, KomarovaAV@ipgg.sbras.ru, MisheninMV@ipgg.sbras.ru, kozhevinvd@ipgg.sbras.ru

 

Novosibirsk State University

1, Pirogova str., Novosibirsk, 630090, Russian Federation

 

The article examines global trends in oil consumption and production, and identifies factors that affect both the supply of oil (the development of oil and competing technologies) and the demand from the global COVID-19 pandemic. The article describes the industry – wide features of oil and oil products production and export from Russia, as well as changes in the price environment of the oil market in recent years, taking into account the impact of the pandemic and the failure of the OPEC+ deal.

 

Keywords: oil export; OPEC+; Asia-Pacific; COVID-19; Brent; Urals.

 

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