Research Of Investment Attractiveness Of The Gas Industry Of The Russian Fedeation

The thesis deals with one of the most important sectors of the Russian Federation’s natural gas industry. Russia ranks first in the world in proven reserves and is one of the most gas-intensive countries in the world. Gas industry generates 30% of the state budget and is strategically important. However, maintaining and expanding the energy base is very expensive. The industry needs investment. Therefore, the aim of this work is to assess investment attractiveness of the gas industry of the Russian Federation, as well the identification of industry problems and search for possible sweat to improve the investment attractiveness of the gas industry.To determine investment attractiveness was used method of analysis of hierarchies. According the method of analysis of hierarchies, where the aim and objective of the first level is to determine the investment attractiveness of the gas industry. In assessing the investment attractiveness of the gas industry takes into account the different groups of factors that can be divided into groups represented on the second criteria level of the hierarchy, these include: gas resources, supply and demand, the economic state of the industry, also need to assess the risk of the industry and a negative impact on the environment. The data obtained shows that the investment attractiveness of the Russian Federation is increasing, especially in 2014, a significant increase investment attractiveness. One of the reasons is the significant increase in the resource base, the discovery of new gas fields has increased the supply of gas resources at 900 billion cubic meters. Also this is due to the high demand for gas, as the gas is much cheaper than other fuels and has minimal negative impact on the environment.However, in industry there are problems that negatively affect the investment attractiveness of the gas industry, such as tax policy, policy subsoil, policy in the field of technology and innovation. Now in Russia there are undifferentiated system of taxation of the gas industry. Gas producers pay severance tax in the amount of 788 rubles../m~3, regardless of the climatic, geological conditions, the volume of gas reserves and quality. In this sense, Russia is a unique country in a number of developed oil and gas producing countries. Undifferentiated approach leads to what is profitable to the operator to concentrate on the "light", highly profitable fields, disregarding the rest, the heavier deposits. For Russia, a huge differentiation deposits in geological terms, this problem is particularly acute. The system of subsoil restricts the activities of foreign investors in the oil sector; the taxation system does not stimulate investment in exploration and technological development of the sector; policy in the field of technology and innovation is not systemic.Thus, to stimulate investment attractiveness of gas industry of the Russia should establish a workable system of subsoil use for foreign investors, based on civil contracts, using a differentiated tax system. Further, the national tax regime based on the tax on extraction of mineral resources, should be modified with the introduction of a single flexible system of taxation, focused on the financial results of gas companies that will contribute to the creation of joint ventures with foreign partners. In such circumstances the companies will have incentives for investment in exploration, modernization of production, development of new domestic technologies. Despite sanctions and anti-Russian sentiments in the world, the Russian gas companies should continue cooperation with foreign partners, as well as to implement international expansion to gain access to the necessary technological solutions.