For citation:
Beilin, I. L. (2020). Russian Oil and Gas Regions, their Characteristics and Forms of Interaction (the Case of the Volga Federal District). Zhurnal Economicheskoj Teorii [Russian Journal of Economic Theory], 17 (4), 820-836.
Abstract:
The article discusses the interdependence of the main economic characteristics of Russian regions by focusing on the amount of oil and gas production in the Volga Federal District. In the regions of this district, matters related to the development of a “horizontal” industrial policy and industrial diversification are of paramount importance. The Volga Federal District ranks second in Russia in oil and gas production and first in hydrocarbon processing. The District’s macroeconomic policy is mainly aimed at enhancing the distribution of excess capital inflows. Investment in fixed assets, the cost of fixed assets in the economy, the volume of shipped goods produced in a region, work and services in mining and manufacturing as well as the balanced financial performance of organizations are expressed through their relationship to this region’s GRP. A pairwise cluster analysis of the main economic characteristics of the regions specializing in oil and gas production per unit of their GRP showed that Orenburg region and the Udmurt Republic have the least developed inclusive institutions in the terms of the efficiency of oil revenue distribution. Further analysis showed the similarity between these regions and Tatarstan in terms of investment in fixed assets. It is concluded that synergistic economic effects from the interregional oil and gas integration of Tatarstan with Orenburg region and Udmurtia are possible. Of all the regions in the Volga Federal District, the problem of depleted oil and gas reserves is the most urgent in Tatarstan. Thus, such integration will allow Tatarstan to solve this problem while Orenburg region and Udmurtia will be able to solve the problem of weak diversification. An interregional financial and industrial group — a diversified multifunctional system of regional enterprises, credit, financial and investment organizations, which will mobilize profits and increase the efficiency of production and financial operations — can become a structure providing the necessary integration.
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