PRODUCTION SHARING AGREEMENT AS A SPECIAL TECHNIQUE IN PROVISION OF THE STATE GUARANTEES FOR OIL AND GAS PROJECTS FINANCING IN RUSSIA – PROS AND CONS

摘要

Nowadays, providing investments for oil and gas sector is a top priority for Russia, for half of the revenues of the federal budget, as well as the Fund’s state of the nation formed by the oil and gas exports. A significant increase in production of unconventional natural resources explains the rise in expenditures of oil and gas projects. I n terms of a growing supply of energy resources the international society is likely to be a witness of severe price competition. According to the author`s opinion, this competition should help to sustain the state, which is able to provide some tools of protecting investors. In this article the author considers the Production Sharing Agreement, as a defense mechanism against potential instability of the legislation; from adverse changes in the tax system; from a possible deterioration of the transparency of the institutional environment. In this article the author shows that using of PSA – it’s not only possible, but economically feasible mechanism for attracting investment in the oil and gas sector, as well as a mechanism to protect the interests of investors and the state. Moreover, the author also highlights the so-called “triangle of risk”, which is an integral part of the investment project and has a direct impact on the cost of the project risks in the area of legislation, the risks of the financial environment, and technological risks. Leveling of the above risks to a large extent, can and should contribute to the State adopting foreign capital in order to ensure investment in the development of oil and gas projects. In this paper, the author wants to clarify the situation, as far as possible smoothing of these risks and how will honor the warranty of all stakeholders in the implementation of the investment project under the terms of a production sharing agreement.