2411-3336 2541-9404 Записки Горного института Journal of Mining Institute Санкт-Петербургский горный университет императрицы Екатерины ΙΙ Empress Catherine II Saint Petersburg Mining University pmi-7747 https://pmi.spmi.ru/pmi/article/view/7747 Экономика и менеджмент Economics and management Project financing structures for the russian natural resources sector Schumann Thomas Schumann Thomas Schumann Thomas pmi@spmi.ru Фрайбергская горная академия (Германия) Bergakademie Freiberg (Germany) 11 04 2007 2007 170 2 187 193 21 08 2006 11 10 2006 11 04 2007 © 2007 Thomas Schumann © 2007 Thomas Schumann 2007 Thomas Schumann Thomas Schumann Эта статья доступна по лицензии Creative Commons Attribution 4.0 International (CC BY 4.0) This article is licensed under a Creative Commons Attribution 4.0 International License (CC BY 4.0) https://pmi.spmi.ru/pmi/article/view/7747

Показано, как недостаток инвестиций в минерально-сырьевом секторе может бытьпреодолен посредством использования проектного финансирования, которое до сих пор неполучило распространения в России. Рассматриваются основные характеристики проектно-го финансирования, подчеркиваются его возможности по сравнению с традиционным ком-мерческим финансированием, описываются основные препятствия, мешающие внедрениюданных схем финансирования, а также предлагаются шаги для улучшения сложившейся си-туации.

The study examines how the lack of investment in the natural resource sector can be overcome through the application of project finance structures, which have not yet been used in Russia. The main characteristics of project finance are reviewed, its opportunities compared to traditional corporate finance are emphasized, the most common obstacles hindering the implementation of project finance schemes are considered, and the necessary steps to improve the situation are outlined.

 Bema Gold Corporation (2000): IFC Signs Mandate Letter for Julietta Project Financing, http://www.bema.com/ 337/57/news.htm [access: April 4, 2006]. Claudy, P. (2002): Projektfinanzierung in Emerging Markets – eine institutionenökonomische Analyse, Sternenfels (Wissenschaft & Praxis). EBRD (1997): Sakhalin II (Phase 1) Oil Project – Project Summary Document, http://www.ebrd.com/projects/psd/ psd1997/3321.htm [access: April 4, 2006]. EBRD (2001a): Natural Resources – April 2001, London (EBRD). EBRD (2001b): Transition Report 2001 – Energy in Transition, London (EBRD). EBRD (2002): SeverTEK – Project Summary Document, http://ebrd.org/projects/psd/psd2002/19677.htm [access: April 4, 2006]. EBRD (2004): Middle-Timan Bauxit Mining & Processing Project – Project Summary Document, http://www. ebrd.com/projects/psd/psd2004/20318.htm [access: April 4, 2006]. EBRD (2005a): Sakhalin II (Phase 2) Oil Project – Environmental Impact Assessment, http://www.ebrd.com/ projects/eias/russia/5897.htm [access: April 4, 2006]. EBRD (2005b): Transition Report 2005 – Business in Transition, London (EBRD). EBRD (2005c): Trans Siberian Gold – Environmental Impact Assessment, http://www.ebrd.com/projects/eias/ russia/35364.htm [access: April 4, 2006]. EBRD (2006a): EBRD and IFC welcome commitment to high governance and business standards by RUSAL Chairman Oleg Deripaska (press release), http://www. ebrd.com/new/pressrel/2006/2jan17.htm [access: April 4, 2006]. EBRD (2006b): Syndications showcase, http://ebrd. org/oppor/syndi/showcase/index.htm [access: April 4, 2006]. Linden, E. von der (2002): Finanzierung von Bergwerken und Bergbauausrüstungen, in: Glückauf, No. 138, p. 227-232. Nevitt, P. K. / Fabozzi, F. (2000): Project Financing, 7th edition, London (Euromoney). The Banker (2004): Russia’s Project Finance Challenge, Special Supplement October 2004. Trans-Siberian Gold (2006): TSG to go ahead with Asacha – work ongoing at Veduga, http://www. londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup. aspx?id=1164752&source=RNS [access: April 10, 2006]. WWF (2004): Position Paper on Sakhalin II Oil & Gas Development, http://assets.panda.org/downloads/ wwfpositionpapersakhalin.pdf [access: April 4, 2006]. Yescombe, E. R. (2002): Principles of Project Finance, Amsterdam et al. (Academic Press).