Tax maneuver in the oil industry: Provisional results and risks for further implementation

2020 ◽  
pp. 28-43
Author(s):  
A. S. Kaukin ◽  
E. М. Miller
Keyword(s):  
Oil Industry ◽  
Oil Products ◽  
Oil Refining ◽  
State Budget ◽  
Tax Rate ◽  
Oil Companies ◽  
Reform Plan ◽  
Alternative Variant ◽  
Calculation Results ◽  
The Cost

The paper analyzes the consequences of the abolition of the export duty on oil and oil products as a necessary step to stimulate energy efficiency of Russia’s economy and eliminate underdevelopment provoked by a long-term subsidizing of inefficient oil refining sector in Russia. The calculation results have shown that even taking into account several deviations from the planned scenarios of changing the parameters of tax regulation of the oil industry in 2014— 2019, the tax maneuver brought over 3.5 trillion rubles (in 2019 — 148 billion rubles) to the state budget in 2014—2017, mainly due to an increase in the base mineral extraction tax rate, and contributed to an increase in the depth of oil refining from 72% to 85%. In addition, the article analyzes possible risks associated with the current plan for reforming the taxation of the industry until 2024 and proposes an alternative that could level some of them. A comparative analysis of the effects of the tax maneuver under the current reform plan and the alternative variant suggests that the latter will allow to achieve a greater total budgetary effect in four years, reduce the cost of subsidizing domestic oil refining, increase the efficiency of Russian vertically integrated oil companies, and reduce the growth rate of oil products prices in the retail market.

scholarly journals The Effects of Antimonopoly Policy on Oil Products Markets in Russia

2020 ◽  
Vol 12 (2) ◽  
pp. 40-68
Author(s):  
A. Y. Stavniychuk
Keyword(s):  
Event Study ◽  
Negative Impact ◽  
Indirect Costs ◽  
Market Value ◽  
Oil Industry ◽  
Oil Products ◽  
Oil Companies ◽  
Event Study Method ◽  
Antitrust Laws ◽  
The Impact

The article estimates enforcement activities effects of the Federal Antimonopoly Service in oil products markets. The article analyzes the impact on petrol and diesel fuel markets of two types FAS Russia measures: measures related to the primary detection of antitrust laws violation signs, and measures applied when the violation fact has already been reliably established. The research point is based on the concerns about the negative impact on the companies of posting news of showing interest on the part of antimonopoly authorities with no evidence proving true law violation at the period of publication. To estimate effects on shares prices of large vertically integrated companies in the oil industry we used the event study method. The analysis sample included events that occurred with Russian oil companies from 2013 to 2019. The analysis showed that the effects based on the influence of detection signs of violation and establishing the violation fact of antitrust laws differ both in their intensity and in the direction of influence. It is also proved that the actions of antimonopoly authorities don’t create significant indirect costs of reducing the company's market value.

scholarly journals THE EFFECTIVENESS OF INTERVENTIONS IN THE FIELD OF EXTRACTION AND PROCESSING OF HYDROCARBON RAW MATERIALS IN NOVOSIBIRSK REGION

2019 ◽  
Vol 2 (5) ◽  
pp. 176-183
Author(s):  
Irina Provornaya
Keyword(s):  
New Technologies ◽  
Raw Materials ◽  
Oil Industry ◽  
Economic Indicator ◽  
Petroleum Products ◽  
Oil Refining ◽  
Oil Companies ◽  
Novosibirsk Region ◽  
Regional Budget ◽  
Regional Product

Based on the multivariate spatial model, the paper shows the relationship between the factors of the oil industry (oil production, oil refining, consumption of basic petroleum products) and the main economic indicator (gross regional product) of the Novosibirsk region. It is revealed that with the increase in the capacity of the MIC-oil and subject to further exploration of oil fields with the use of new technologies, revenues to the regional budget from oil companies in the region can be about 5 %. The measures aimed at increasing the level of social responsibility and improving the quality of the environment at the enterprises of the oil industry of the Novosibirsk region are defined.

scholarly journals Evaluating the Impact of Russian Excise Duty on Oil Products on the Development of Oil Refining and Oil Industry

2018 ◽  
Vol XXI (Issue 4) ◽  
pp. 414-425
Author(s):  
Vadim Ponkratov ◽  
Andrey Pozdnyaev ◽  
Nikolay Kuznetsov
Keyword(s):  
Oil Industry ◽  
Oil Products ◽  
Oil Refining ◽  
Excise Duty ◽  
The Impact

scholarly journals A long-term outlook on Russian oil industry facing internal and external challenges

2019 ◽  
Vol 74 ◽  
pp. 72 ◽  
Author(s):  
Nikita O. Kapustin ◽  
Dmitry A. Grushevenko
Keyword(s):  
Petroleum Industry ◽  
Oil Industry ◽  
Liquid Hydrocarbon ◽  
Transport Infrastructure ◽  
Russian Government ◽  
State Budget ◽  
Oil Companies ◽  
Oil Resources ◽  
The Government ◽  
The Impact

Russian petroleum industry plays a vital part in both the country’s economy and international hydrocarbon market, providing a third of state budget revenues and over 13% of global liquid hydrocarbon exports. Yet, nowadays the industry is facing a number of serious challenges, which threaten to undermine its sustainability. These challenges include depletion of the conventional oil resources, technological and economic sanctions and stagnating demand for liquid fuels, especially apparent in Russian traditional export destinations – Europe. The authors attempted to evaluate the impact of these issues and compile a forecast of Russian oil industry using state-of-the-art modelling tools. The calculations show, that even under fairly negative scenario assumptions, Russia is capable of maintaining crude oil and refined products exports above 250 mtoe up to 2040, remaining the world’s second liquid hydrocarbon supplier. This, however, is still a huge drop from 425 mtoe of exports in 2018. To ensure sustainability the government and oil companies need to work in conjunction in several fields: facilitate geologic survey of conventional and promising oil and gas basins; domestic development of new oil extraction technologies for accessing unconventional and low-margin oil resources; provide transport infrastructure for remote fields; reforming tax system to better suit the new environment. This way, crude production can be maintained above 500 mtoe in the forecast period and exports even surpass 2018 levels. In any case, however, the need for massive investments and tax incentives coupled with global movement away from fossil fuels means, that in the future oil will be becoming less and less profitable for the state budget, thus Russian government needs to redouble efforts on economic diversification and energy transition.

Drilling and Service Contracts in Offshore Oil and Gas Operations

1973 ◽  
Vol 11 (3) ◽  
pp. 480
Author(s):  
J. M. Killey
Keyword(s):  
Oil And Gas ◽  
Oil Industry ◽  
Offshore Drilling ◽  
Oil Companies ◽  
Drilling Rig ◽  
Service Contracts ◽  
Oil And Gas Operations ◽  
Offshore Oil And Gas ◽  
Offshore Oil ◽  
Offshore Operations

As onshore oil and gas deposits are becoming more difficult to locate, and as the world demands for energy continue to increase at an alarming rate, oil companies are channeling much of their exploration activities towards offshore operations, and in particular, towards operations centered off Canada's coast lines. Because of the environment, offshore drilling presents problems which are novel to the onshore-geared oil industry. J. M. Killey discusses in detail many of the considerations involved in drafting the offshore drilling contract, concentrating on problems such as the liability of the various parties; costs; scheduling; pollution; conflict of laws; etc. Similarly, he discusses service contracts (such as supply boat charters; towing services; helicopter services; etc.^ which are necessity to the operation of an offshore drilling rig. To complement his paper, the author has included number of appendices which list the various considerations lawyer must keep in mind when drafting contracts for offshore operations.

An academic Indian summer

2017 ◽  
Author(s):  
Angela Penrose
Keyword(s):  
Oil Industry ◽  
Management Theory ◽  
Resource Based View ◽  
Oil Companies ◽  
International Firm ◽  
Younger Generation ◽  
National Governments ◽  
Business And Management

After her husband’s death in 1984 and retirement from INSEAD Edith enjoyed the resurgence of interest in her work and its increasing influence on aspects of economic, business, and management theory and on a younger generation of economists, many of whom visited her at her home near Cambridge. The chapter examines the influence of her seminal ideas on some key protagonists of the ‘resource-based view of the firm’, e.g. David Teece, Birger Wernerfelt, J. C. Spender, and Jay Barney. Due to her understanding of the international firm, in particular the oil industry, she undertook consultancies pertaining to arbitration between oil companies and national governments.

The estimated healthcare cost of diabetic retinopathy in Indonesia and its projection for 2025

2019 ◽  
Vol 104 (4) ◽  
pp. 487-492 ◽  
Author(s):  
Muhammad Bayu Sasongko ◽  
Firman Setya Wardhana ◽  
Gandhi Anandika Febryanto ◽  
Angela Nurini Agni ◽  
Supanji Supanji ◽  
...  
Keyword(s):  
Diabetic Retinopathy ◽  
Laser Treatment ◽  
Healthcare Cost ◽  
Cost Of Illness ◽  
Public Health Intervention ◽  
Transportation Cost ◽  
Population Based ◽  
State Budget ◽  
Illness Model ◽  
The Cost

PurposeTo estimate the total healthcare cost associated with diabetic retinopathy (DR) in type 2 diabetes in Indonesia and its projection for 2025.MethodsA prevalence-based cost-of-illness model was constructed from previous population-based DR study. Projection for 2025 was derived from estimated diabetes population in 2025. Direct treatment costs of DR were estimated from the perspective of healthcare. Patient perspective costs were obtained from thorough interview including only transportation cost and lost of working days related to treatment. We developed four cost-of-illness models according to DR severity level, DR without necessary treatment, needing laser treatment, laser +intravitreal (IVT) injection and laser + IVT +vitrectomy. All costs were estimated in 2017 US$.ResultsThe healthcare costs of DR in Indonesia were estimated to be $2.4 billion in 2017 and $8.9 billion in 2025. The total cost in 2017 consisted of the cost for no DR and mild–moderate non-proliferative DR (NPDR) requiring eye screening ($25.9 million), severe NPDR or proliferative DR (PDR) requiring laser treatment ($0.25 billion), severe NPDR or PDR requiring both laser and IVT injection ($1.75 billion) and advance level of PDR requiring vitrectomy ($0.44 billion).ConclusionsThe estimated healthcare cost of DR in Indonesia in 2017 was considerably high, nearly 2% of the 2017 national state budget, and projected to increase significantly to more than threefold in 2025. The highest cost may incur for DR requiring both laser and IVT injection. Therefore, public health intervention to delay or prevent severe DR may substantially reduce the healthcare cost of DR in Indonesia.

scholarly journals The Effect of Massachusetts' Health Reform on Employer-Sponsored Insurance Premiums

2010 ◽  
Vol 13 (2) ◽  
Author(s):  
John F Cogan ◽  
R. Glenn Hubbard ◽  
Daniel Kessler
Keyword(s):  
United States ◽  
Health Reform ◽  
Medical Expenditure Panel Survey ◽  
Private Insurance ◽  
The United States ◽  
Medical Expenditure ◽  
Insurance Premiums ◽  
Reform Plan ◽  
The Difference ◽  
The Cost

In this paper, we use publicly available data from the Medical Expenditure Panel Survey - Insurance Component (MEPS-IC) to investigate the effect of Massachusetts' health reform plan on employer-sponsored insurance premiums. We tabulate premium growth for private-sector employers in Massachusetts and the United States as a whole for 2004 - 2008. We estimate the effect of the plan as the difference in premium growth between Massachusetts and the United States between 2006 and 2008—that is, before versus after the plan—over and above the difference in premium growth for 2004 to 2006. We find that health reform in Massachusetts increased single-coverage employer-sponsored insurance premiums by about 6 percent, or $262. Although our research design has important limitations, it does suggest that policy makers should be concerned about the consequences of health reform for the cost of private insurance.

scholarly journals Comparison of Moving-Bed Catalytic Tar Hydrocracking Processes

Processes ◽  
2021 ◽  
Vol 9 (3) ◽  
pp. 500
Author(s):  
Vladimir Kapustin ◽  
Elena Chernysheva ◽  
Roman Khakimov
Keyword(s):  
Heterogeneous Catalysts ◽  
Process Management ◽  
Raw Materials ◽  
Oil Industry ◽  
Oil Refining ◽  
Hydrocarbon Potential ◽  
Vacuum Residue ◽  
Advantages And Disadvantages ◽  
Major Process ◽  
Liquid Products

In recent years, there has been a trend in the global oil industry to improve the proportion of heavy high-sulfur crude oils in the total volume of extracted and processed resources, reserves of which are estimated at over 800 billion metric tons. Therefore, the main line of oil refining is processing of heavy crudes and residua to allow maximum use of the hydrocarbon potential and yield of high-margin products. Hydrogenation processes of heavy raw materials are most attractive in terms of product quality. This article analyzes tar hydrocracking processes that are either in operation or at the stage of full-scale testing. These include Veba Combi-Cracker (VCC), Uniflex, suspended-bed catalyst hydrocracking (ENI), and vacuum residue hydroconversion (TIPS RAS). These technologies use heterogeneous catalysts and are designed to obtain the largest possible amount of liquid products. This article discusses the features of each technology, highlights their advantages and disadvantages, shows the main approaches to process management, and speculates about the development of these technologies. Tar refining is a major process in heavy oil upgrading, and the development of efficient tar-processing methods will influence refinery configurations and management.

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