The formation of state capitalism models in the oil industry: Russia and the world

Dmitry Rodnyansky,Olga Mitrofanova,Ivan Makarov,Anna Kisova,Yuliya Sukhina,A.D Nazarov

doi:10.1051/shsconf/202110601010

Abstract

In modern conditions, issues related to the effectiveness of the regulation of the oil industry by the state are becoming increasingly important. In January 2018, the World Economic Forum was held in Davos, at which, in particular, the impact of the growth of protectionist trends in the global trade in hydrocarbons and the impact of climate change on the planet on the export of hydrocarbons was noted. As a result of the forum, the key ways of adjusting the policy of states in the relevant area were identified. At the same time, a significant number of states are already seeing the process of changing state regulation of the industry. Given the current crisis situation associated with the coronavirus pandemic, an increasing number of private enterprises are coming under state control, which gives rise to new discussions about the renaissance of the so-called state capitalism.. In this article, the authors examined country specific features, as well as various concepts of the formation and development of state capitalism in the oil industry.

Highlights

To characterize the state of the oil industry, as well as to forecast its development, such indicators as the level of production, reserves, the depth and volume of energy processing, as well as export / import indicators are used
The problem of returning to some extent "state capitalism" is today ambiguous: large national companies are actively supported, control over state assets is increasing, powerful financial flows are attracted through agents controlled by the government
“State capitalism” and its development were influenced by the global crisis of 2008-2009

Summary

Introduction

To characterize the state of the oil industry, as well as to forecast its development, such indicators as the level of production, reserves, the depth and volume of energy processing, as well as export / import indicators are used. The oil industry is still the area on the development of which the revenue base of the federal budget largely depends. Already in 2017, the share of receipts from the export of raw materials increased by 32% and amounted to 40% of all budget revenues. In accordance with the report of the Ministry of Finance of the Russian Federation in 2019, oil and gas budget revenues amounted to 7.92 trillion rubles, which is 28% of all budget revenues. The methodology of the Ministry of Finance of the Russian Federation takes into account only the income from the mineral extraction tax, export customs duties and tax on additional income. According to RBC experts, the share of these "expanded" oil and gas revenues in 2018 could reach up to 1.5 trillion. If we refer to the oil and gas revenues paid dividends, revenues from exports of companies with state participation and other payments, the share of these revenues will approach 50% of total revenues

Methods

Results

Conclusion