«Problems of economics and management of oil and gas complex»

Russian production sharing agreement (PSA) in conditions of anti-Russian sanctions

UDC: 65.589
DOI: -

Authors:

¹ Ufa State Petroleum Technical University, Ufa, Russia

Keywords: production sharing agreement (PSA), joint project, oil, Sakhalin, tax burden, marker grade, price, world petroleum and gas business

Annotation:

The authors of the article present the results of the study of the practice of Production Sharing Agreements execution on the territory of Russia. These are joint projects such as "Sakhalin-1", "Sakhalin-2", "Kharyagin project". These projects are attractive for foreign investors and very effective. However, the introduction of anti-Russian sanctions, there have occurred noticeable changes in the world oil and gas business, which have influenced Russian PSA projects. Major shortcomings and irregularities committed by foreign investors in the course of the agreements implementation were announced. Companies "ExxonMobil" and "Shell" left at the request of the EU. The budget inefficiency of projects compared to the traditional tax burden has been pointed out. The authors of the article calculate the tax burden comparing several variants of PSA and traditional taxation system. Russian suppliers of materials for the projects are not sufficiently involved in the execution of the projects. The environment was affected, especially "Sakhalin-2". Nevertheless, the PSA practice is acceptable, interesting to both sides – the Russian Federation and the participating countries. Therefore, the PSA continues to operate.

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