Impact assessment of oil and gas revenues on the structure and dynamics of investments in the regional fixed assets (the case of the Volga federal district)

The article presents an analysis of the structure and dynamics of investments in fixed assets of the oil and gas regions of the Volga Federal District. Their production activities for extraction and processing of oil and gas are the main revenue part of their budget system. In particular, their budgets are formed mainly from taxes on organizations’ profi t and property, as well as personal income tax from oil and gas economic activities. Such regions in the Volga Federal District include the Republic of Bashkortostan, the Republic of Tatarstan, the Udmurt Republic, the Perm Krai, the Orenburg Oblast and the Samara Oblast. The author has carried out a regression analysis of the dynamics of investments’ distribution in fixed assets of the oil and gas regions of the Volga Federal District by sources of fi nancing and forms of ownership. The fi rst includes own and borrowed funds, bank loans and budget funds, federal and regional budget, the second is the Russian state and private forms of ownership. The results of the regression analysis led to the development of a new approach to assessing the impact of oil and gas revenues on the structure and dynamics of fixed capital investments in the region by cluster analysis of fixed capital investments by production types of fixed assets and production types of economic activity. The study allowed detecting the imbalances of investments in fixed assets of individual oil and gas regions and offering a solution to the problem. It consists in the creation by regional authorities of indicative conditions for development of interregional oil and gas fi nancial and industrial groups as structures that consolidate the investment and production component of oil and gas production and processing activities taking into account its traditionally high profi tability. Such structures can systematically solve a complex of material and technical problems of a number of oil and gas regions in the fi eld of production of hard-to-recover oil, rational utilization of associated petroleum gas, increasing competitiveness of products of deep chemical processing of hydrocarbon raw materials.