Determinants of economic policy of the oil and gas region in the paradigm of the circular economy and decarbonization

In the context of global economic transformation, the "green” agenda has acquired new problematic facets related to the narrative of oil, technology and financial embargoes, as well as diversification of natural gas supplies to international commodity markets. The aim of the research is to work out a system model of variant management of inclusive production development of the oil and gas region taking into account the principles of circular economy and decarbonization. To achieve this goal, we set and solved the following tasks: analysis of the theoretical foundations and results of current scientific research, which studies the conditions, factors and feasibility of using the principles of circular economy and decarbonization at the regional level; analysis of innovative activities of oil and gas regions aimed at developing environmental safety in material and energy flows, reducing CO2 emissions and the use of safe or less hazardous raw materials and materials, reducing of environmental pollution and use of waste recycling technologies; development of regional principles for the development of inclusive environmental institutions and carbon market, as well as the economic interest of enterprises in environmentally sound projects as fundamental institutional foundations for the production activities of the oil and gas region in the paradigm of circular economy and decarbonization. We carried out the study on the example of the Volga Federal District regions with budget-forming oil and gas chemical complex: the Republic of Bashkortostan, the Republic of Tatarstan, the Udmurt Republic, the Perm Territory, the Orenburg Region, and the Samara Region.