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Vladimir Putin’s Energy Strategy

Vladimir Putin’s Energy Strategy

A new system of managing the oil and gas sector has been formed in general. It shows what staff conflicts we may witness in the near future.

However, it is also important to understand what the sector should expect. The oil and gas industry faces a series of crucial problems whose settlement is impossible to ignore further.

Putin obviously retained control over the oil and gas sector in 2008 to 2012. Yet, his return to the presidential chair may mean certain adjustment of the economic course.

Cancelation of the inertial policy in the oil and gas sector should be anticipated; otherwise it can lead to serious decline in production in the medium-term perspective.

The report elaborates on the following issues: :

  • The role of the oil and gas sector in the Russian economy

    • Putin’s comeback as president was accompanied by a great number of economic declarations. The oil and gas sector was much discussed in them – often these were opposite ideas. What should we believe: promises to continue the course of economic diversification or pledges to rehabilitate the oil and gas sector and stake on it as innovation sector?
  • Russia’s budget policy

    • To understand the future role of the oil and gas sector better it is necessary to analyze the draft budget for the next three years. It vividly demonstrates that the state is not ready to remove an “honorable duty” of the main state donor from the sector. The budget clearly shows what in reality Putin’s term “fiscal maneuver” means. Actually the sector should not expect serious taxation preferences. This concerns the gas industry actively attacked by the Cabinet and oil producers.
  • Struggle against stagnation of production amid new redistribution of property in the sector

    • State policy in the sphere of privatization and its possible influence on production parameters
  • Export policy of the state

    • Sharpening of the export question amid growth in the domestic demand and risks of production decline. The state encourages Russian companies to turn into global players, risks for the Russian upstream segment.
  • Forecast of developments

The contents of the report:

Introduction 3
Chapter 1. Role of Oil and Gas Industry in Russian Economy 5
Chapter 2. Struggle Against Decline in Production Amid New Redistribution in FES 15
  2.1. Privatization – Clan War for Property Instead of Strategic Choice 16
  2.2. Agonizing Search for Growth Strategy 20
Chapter 3. Search for Export Strategy 36
Forecast of Developments 49
Date of issue: August 6, 2012

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Analytical series “The Fuel and Energy Complex of Russia”:

Sanctions against Russian Oil and Gas: Pressure Continued
Arctic: Soviet-type Gigantomania or Breakthrough Project?
State regulation of the oil and gas sector in 2018, prospects for 2019
Gazprom on Path to New Reality
Looking for Best Tax Treatment of Oil and Gas: Fiscal Experiments Continued
The subject of taxation became the absolute hit of 2018. The government once again decided to rewrite the rules of the game. President Putin’s new inauguration decree served as the main pretext. It turned out that about 8 trillion roubles extra was necessary for the new national projects announced. The Cabinet did not take long to decide where the funds should be taken. The result was acceleration of the so-called tax manoeuvre started as far back as 1 January 2015. It suggested shifting the tax burden to the wellhead: the effect on the state budget of gradual abandonment of the export duty will be more than compensated for by quicker growth in mineral resources extraction tax (MRET). The laws on tax reform have already gone through the parliament and will take effect as of next year. This means nothing good for companies.

All reports for: 2015 , 14 , 13 , 12 , 11 , 10 , 09 , 08 , 07

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