دانلود مقاله ISI انگلیسی شماره 9813
عنوان فارسی مقاله

صنعت نفت روسیه بین حاکمیت دولتی و خصوصی: موانعی برای استراتژی های سرمایه گذاری شرکت های نفتی بین المللی

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
9813 2006 11 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
The Russian oil industry between public and private governance: obstacles to international oil companies’ investment strategies
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Energy Policy, Volume 34, Issue 9, June 2006, Pages 1075–1085

کلمات کلیدی
صنعت نفت روسیه - سرمایه گذاری بین المللی - سیاست نفت روسیه
پیش نمایش مقاله
پیش نمایش مقاله صنعت نفت روسیه بین حاکمیت دولتی و خصوصی: موانعی برای استراتژی های سرمایه گذاری شرکت های نفتی بین المللی

چکیده انگلیسی

The low level of involvement by international oil companies in Russia seems difficult to explain given what development of its resources and production has to offer. There are still many restrictions and contradictions, born of the particular institutional and political environment of the Russian oil industry at the end of 15 years of transition, that act as a bar to international integration. Three factors currently define the establishment of relations with foreign investors. First, because of the many different levels of negotiation with Russian companies, the State and the Regions, the decisions are based on complex relations between the various forces. Second, the reforms, and especially privatisation and the allocation of rights of ownership to deposits, are considered by sizeable sections of public opinion and many political classes to be illegitimate, thus making the issue of international investment and foreign presence still more complicated. Finally, the State's wish to take back the oil industry in order to use it to fulfil its economic and foreign policies is creating further uncertainty. These three elements seriously restrict the entry of international oil companies to the Russian market.

مقدمه انگلیسی

The low level of involvement by international oil companies in Russia seems difficult to explain given what development of its resources and production has to offer. Since 1985, first under Mikhail Gorbachëv and then under Boris Yeltsin, the recourse to foreign investment is seen as one of the best means of financing a sector with considerable investment needs. Russia's aim of integrating itself into the world market also argues in favour of significant involvement by international oil companies in that country. Meanwhile, Russia has become a principal actor on the international oil market, with production levels of 8 million barrels per day (mbd) in 2003. As such, it has now become very important for the international oil companies, as access to resources in the major oil-producing countries of the Middle East remains closed. That, however, is as far as the consistency of interests goes; there are still many restrictions and contradictions, born of the particular institutional and political environment of the Russian oil industry at the end of 15 years of transition, that act as a bar to international integration. Reforms and privatisation programmes implemented have allowed new actors, largely independent of the State and its overall political objectives, to emerge. The industry has mainly restructured itself around these actors, who are national private firms tied into a complex network of domination and subordination with the Federal State and the Regions. These firms are not a homogeneous group, given the wide variety of their assets and the differing strategies arising in consequence. The Federal State and its government and administrative authorities do not have a united vision of the policy to be pursued and the type of control to be developed in relation to oil companies involved at national level. The Regions, faced with a weakened Federal State, are also interfering in the sharing of the hydrocarbon rent. In this destabilised institutional environment, three factors currently define the establishment of relations with foreign investors. First, because of the many different levels of negotiation with Russian companies, the State and the Regions, the decisions are based on complex relations between the various forces. Second, the reforms, and especially privatisation and allocation of rights of ownership to deposits, are considered by sizeable sections of public opinion and many political classes to be illegitimate, thus making the issue of international investment and foreign presence still more complicated. Finally, the State's wish to take back the oil industry in order to use it to fulfil its economic and foreign policies is creating further uncertainty. These three elements reduce the number of institutional and legal organisations likely to secure international investments, and seriously restrict the entry of international oil companies to the Russian market. It is in the context of this “hybrid” governance, both public and private, affecting the industry, that international oil companies’ strategies need to be determined as far as Russia is concerned. First, we will define the game being played between Russian companies and the State, marked by a new affirmation of public coordination. Second, we will analyse its effects on the non-completion of the reorganisation process and the stabilisation of the new institutions. From that, we will deduce what possibilities there are for international companies to enter that game and involve themselves in it.

نتیجه گیری انگلیسی

It is important, for the long-term future of the Russian oil industry, for the new practices aimed at long-term strategies of investment in exploration and production to be affirmed. It is, therefore, essential for the institutional factors behind the practices of cash stripping and asset stripping to be weakened and for practices ordinary to American and European companies to take over from the current investment strategies for restoration of existing deposits. It seems that it will have to pass through restoration of control and co-ordination by the public authority. In this framework, the place that could be taken by the foreign companies in the Russian national oil industry is an unknown figure. In addition to technological and financial resources, the international oil companies could standardise the behaviour of the Russian companies involved and bring about consolidation of ownership rights. At present, privatisation alone has not been sufficient to bring about this consolidation and increased security. The major private “actors” have been more willing to preserve the “institutional opacity” in order to increase their share in the hydrocarbon rent. The State's attempt to take back control of the oil industry is in fact a new and significant factor in the development of the oil industry, as it may lead to more controlled development of oil production and exports. The recent creation of the hybrid form of public and private governance can be seen as an effort to escape from the institutional blockage into which privatisation has forced the industry. However, it has been, and is still being, introduced at a price: the destabilising of the credibility of the Russian institutional environment, with use of the legal system by the government to destabilise the main company Yukos in 2003 and 2004 in order to bring in an alternative shareholding control of that company. The “Russian risk” remains significant for international oil companies, despite the step forward made through the creation of the TNK-BP joint venture. The recent situation does not suggest that developments will be very favourable for international investors, despite Russia's wish for opening and international involvement as voiced by the Putin Presidency. It does not exclude the few selective large-scale agreements made under conditions laid down by the presidency. This type of governance can, however, only limit participation by foreign investors in the Russian companies’ capital and in the development of production assets.

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