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Vladimir Putin's Energy Strategy (Russian Version)
National Energy Security Fund, August 2012, Pages: 49
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.
Cancellate 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
Chapter 1. Role of Oil and Gas Industry in Russian Economy
Chapter 2. Struggle Against Decline in Production Amid New Redistribution in FES
2.1. Privatization – Clan War for Property Instead of Strategic Choice
2.2. Agonizing Search for Growth Strategy
Chapter 3. Search for Export Strategy
Forecast of Developments