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Natural Rent in the Russian Oil and Gas Sector

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  • E. GURVICH.

Abstract

Detailed estimates of the hydrocarbon rent for 1999—2009 are presented. Size, sources, and usage patterns of the hidden rent (which is not included into hydrocarbons prices, but provides the source of energy subsidies) are built for the first time. This part of the natural rent is estimated to vary from 8 to 17% of GDP. The largest losses in hydrocarbon rent were related, first, with subsidizing domestic users of natural gas, and second, with diminishing value added in the refinery sector. The obsolete refinery was implicitly supported with relatively low taxation regime. This support reflects overall soft budget constraint stance pursued by the government that constitutes an important impediment to the modernization of Russian economy.

Suggested Citation

  • E. Gurvich., 2010. "Natural Rent in the Russian Oil and Gas Sector," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 11.
  • Handle: RePEc:nos:voprec:2010-11-1
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    Cited by:

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    2. Russian Presidential Academy of National Economy and Public Administration authors collective, 2012. "The Consequences of Weak Competition: Quantitative Evaluation and Policy Implications (Think Tank Report)," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 6, pages 1-49.
    3. Kudrin, A. & Gurvich, E., 2015. "Government Stimulus or Economic Incentives?," Journal of the New Economic Association, New Economic Association, vol. 26(2), pages 179-186.
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