Financial and Investment Ensuring Innovation Activities of the Oil and Gas Industry in Russia

Abstract

The relevance of the issues of financial and investment support of innovation activities of the oil and gas industry both in Russia and in foreign countries is due to the specific features of the industry. The article considers the global experience in the implementation of PPP mechanism and venture capital financing, and studied the Russian practice of applying these methods of attracting funds from private investors. The problem of the implementation of PPP, which is imperfect state mechanisms that allow investors to guarantee the invested funds, and also revealed the problem of venture capital insufficient financing in the oil and gas industry, due to the need to develop and exploit hard-to-recover oil reserves, which involves large-scale investment. Possible solutions to the identified problems are proposed — the improvement of long-term investment mechanisms and the implementation of oil and gas companies’ co-investment mechanism in venture capital funds.

Keywords

• public-private partnership
• venture financing
• venture fund
• oil-and-gas industry