Content №4 от 2003
Reconciliation of the federal/regional interests in oil and gas investment projects.
A scheme for reconciliation of the interests of participants in a large gas project on Yamal is suggested. The acceptable size of tax concessions is estimated by taking into account the specificity of budgetary revenues in a resource region: tax revenues expected from the project implementation must at least compensate the anticipated fall of incomes from other industries in the region. A scheme is suggested by which to estimate the "price" of the concession for regional and federal budgets in those taxes which make the project most attractive for investors. It is shown that the key criterion in determination of the direction and size of concessions must be maximization of increment of net current value at small change in the tax rate. On the case of projected dynamics of an imaginary investment project "Yamal Gas" the variants of regional and federal policy are considered that are aimed to encourage project implementation and provide the level of its efficiency acceptable for investors.
