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Interaction of LSBs in Russia on the example of oil and gas branch and its development prospects

Предпринимательство | (119) УЭкС, 1/2019 Прочитано: 2344 раз
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  • Автор (авторы):
    Костина Дарья Дмитриевна, Байцаева Зарина Игоревна
  • Дата публикации:
    Финансовый университет при Правительстве Российской Федерации
    Высшая школа экономики

Interaction of LSBs in Russia on the example of oil and gas branch and its development prospects

Взаимодействие малого и крупного бизнеса в России на примере нефтегазовой отрасли и перспективы его развития

Kostina Darya Dmitrievna

Master student

Financial University under the Government of the Russian Federation

International Finance Faculty


Костина Дарья Дмитриевна


Финансовый университет при Правительстве Российской Федерации

Международный финансовый факультет


Baytsaeva Zarina Igorevna

Master student

Higher School of Economics

Bank Institute


Байцаева Зарина Игоревна


Высшая школа экономики

Банковский институт


Anno tation. It is worth to pay attention that government hopes on natural gas, as on the cheapest high-eco-friendly fuel. Besides, on the territory of Russia there are hugest stocks of this type of fuel. For that reason the analysis of interaction of large and small businesses on the example of the oil and gas industry as one of the most important branches is necessary for the economy of Russia. Being guided by world practice and considering own features we should develop more perfect program of development of interaction of LSBs.

Аннотация . Стоит обратить внимание, что государство полагается на природный газ, как на самое дешевое высокоэкологичное топливо. Кроме того, на территории России имеются огромные запасы этого вида топлива. Именно поэтому необходим анализ взаимодействия крупного и малого бизнеса на примере нефтегазовой отрасли, как одной из важнейших отраслей экономики России. Руководствуясь мировой практикой и учитывая национальные особенности, необходимо разработать более совершенную программу развития взаимодействия крупного и малого бизнеса.

Key words:  oil and gas industry, LSBs, enterprises, small and medium business, WTO, SMEs, Lukoil, Gazprom, economic interaction.

Ключевые слова: нефтегазовая отрасль, МСП, предприятия, малый и средний бизнес, ВТО, МСБ, Лукойл, Газпром, экономическое взаимодействие.

Introduction . In our country formation of the sphere of small business and cooperative movement was an incitement in the late eighties. The majority of “cooperatives” actually was the private enterprises belonging not to nominal member cooperators, but only to heads. Later they came to change of firm and organized it as private business.

The big role in formation of the Russian model of Large and Small Businesses (LSBs) interaction was played by ways and economic mechanisms of small enterprises formation. Originally, considerable share of small enterprises was formed as a result of direct crushing of the large enterprises and was, in fact, an overflowing of means from public sector into the private. Other part of small enterprises was formed by creation of subsidiaries at the large enterprise. The third group of small enterprises was formed as autonomous firms, which became affiliated structures of the large enterprises. Many small enterprises of this group were created during privatization (full or partial) state ownership. Some enterprises were formed as a result of consolidation of capitals (some future businessmen united the capitals for joint activity). It was the most widespread form for small wholesale and retail trading, intermediary firms, the companies rendering services to the population.

However, irrespective of ways of formation of small firms, their relationship with large production was multidimensional, beyond direct professional activity. Small enterprises carried out special functions, became firms’ screens, “pocket” structures for the large enterprises, allowing adaptation to difficult conditions of a transition period.

In comparison with developed countries in the Russian economy there is a small share of small and medium business, though recently there was a little increase. Today the specific weight of small and medium business in national economy is not too great comparing with the developed countries though this sector grows, the share of small and medium business in gross domestic product in Russia makes about 20%, or about 25% of the total number of employment.

Picture 1 – Share of SME in countries' GDP  


Source:  Federal Law since 24.07.2007 № 209-FZ (Ed. 12.27.2018)

Having tracked history of formation of small business in Russia, it is possible to mark out some its features.

1. Low interest of venture specialization

In economically developed countries small business plays an important role in formation of innovative economy (about 25%), in Russia a primary activity of small business is trade and commerce, instead of innovative production (in total about 6%). Today it is the most important problem of the state in the field of small business support – development of the enterprises focused on the knowledge-intensive and high-tech industries.

2. Low legitimacy of small business

One more characteristic of development of small business in Russia is low legitimacy of business as the big percent of the enterprises functions in the sphere of shadow economy. Via using “gray schemes” in their work, underestimating profit, the companies reduce not only the tax payments, but the income in the country budget. Roots of this problem arose in the beginning of the 90th years when to businessmen established heavy taxes. The part of the enterprises ceased to exist because of low profitability of business, other part began to increase a shadow turn. However, since then, the tax burden significantly decreased, many small business enterprises cannot leave a shadow as they are afraid of competitors. Now it is the problem at the level of the state.

3. Constant shortage of financing

Small business in Russia is characterized by an acute shortage of financing because of the small size of the individual capital. Collected starting capital all hardly goes to a turn, and the production cycle of the enterprises not always coincides the time of the address of the capital. Thus, small business also has a need – to take the credit for business. Nevertheless, inconvenience is that in comparison with medium or large business, interest rates on services financing for small business are higher. As a result, some enterprises go bankrupt.

4. Instability of small business

The next follows from the previous feature: instability of small business appears because of shortage of financing, rigid competitive fight and part of external factors (inflation, an energy crisis, etc.). Almost every fourth representative of small business in Russia becomes as a result a bankrupt, or, at least, curtails the activity.

It is unpleasant to realize that many characteristics of small business formation in Russia are directly connected with the main problems disturbing the development of the normal market relations and partial business as a whole.

The large companies can be compared to brilliants in a crown of economy of the developed countries as their small number is compensated by the huge importance of a contribution to economy. Really, the share of the large enterprises is insignificant. However, they create the most part of all production of the country – about 50%.

Firstly, big businesses have a significant and positive effect on economic growth. Secondly, such businesses in each nation are positively associated with stability in economic growth. Thirdly, the significant and positive effect of big businesses on economic growth remains even with the inclusion in the estimations of the share of Small and Medium Enterprises’ employment and the control for possible endogeneity in big businesses and SMEs. Fourthly, in considering both the absolute and the relative presence of big businesses within each country, their absolute presence is positively linked to economic growth, whereas the relative presence of big businesses within the national economy is negatively linked to economic growth. [8]

It is possible to allocate three forms of existence of large business in Russia, being the main throughout all Post-Soviet period and remaining those and now: the integrated business group, the company and the independent enterprise.

1. The integrated business group is a certain set of the enterprises and the companies, which are working in different branches and sectors of economy and being independent legal entities, but in a number of important cases acting as a unit.

2. The company – association of legal or natural persons for carrying out joint economic (production, trade, intermediary, financial, insurance) activity. As the companies, understand the enterprises having different organizational and legal forms (forms of the business organization of work, activity). The company has the status of the legal entity.

3. The independent enterprise is the some indivisible economic subject. First, uniform production structure (making goods and services), and, secondly, the uniform economic agent.

The Russian large business has a number of peculiar features. Some of them are emphasized below:

1. Rather stable situation only at those enterprises, whose sales directly depend on demand of the population: food and tobacco industry.

2. Those organizations who managed to use a favorable price environment in the world markets have rather rapid growth. First, it is oil (export growth more than for 7,5% at increase in internal consumption - 3%) and gas (3,5% and 1,7%) the industries. [9], [11] The similar situation developed in ferrous metallurgy. Owing to mitigation of terms of delivery of production of branch to the USA and some other the import countries, and because of a rise in prices for it both on external, and in domestic market, the revenue of the companies of branch significantly increased.

3. Profitability of large business decreases the second year in a row, and being accelerated rates. For example, in 2014 the total volume of balance profit of the companies made 764,7 billion rubles. Decrease in comparison with 2013 – 10,8 % (4,7% year before). If earlier falling of the world prices for energy carriers and metallurgy production became a major factor of decrease in profit, now the reasons are not so unambiguous. Strengthening of tax loading affected results of the large oil and gas companies owing to introduction of a tax on mining and growth of transportation costs generally. As a result, they lost 4,3% of profit of rather last year. Moreover, it against a favorable price environment. In color metallurgy decrease in mass of profit more than for 63% is caused first by decrease in the world prices for branch production. In electrical power sector, the balance profit was reduced almost by two thirds, and in the coal – practically twice. Ferrous metallurgy (growth by 36,8%) became the only branch of the raw sector which has increased volume of profit, by results of a rating.

4. Despite decrease in absolute measures, the large-scale industry is more profitable, than medium business. Average profitability companies (it was estimated as the profit relation after the taxation to realization volume) averaged 12,9% against 7,2% on the industry (that is 1,8 times more). Moreover, on the general background of decrease in profitability large business loses efficiency by nearly one and a half times more slowly, than the industry as a whole. The prize in profitability of the large companies before averages is observed practically in all branches, however especially it is noticeable in the chemical industry (more than twice) and mechanical engineering (by 1,9 times). The most profitable among participants of a rating are oil and gas enterprises.

5. Labor productivity quickly grows in large business. On the average it reached 1205 thousand rubles (38,4 thousand dollars) on one worker, having increased in comparison with last year by 17,5% in ruble and for 9,1% - in dollar calculation, and growth was observed in the majority of branches. Among twenty most productive companies traditionally dominate tobacco and food. Leadership is kept the second year in a row by the representative of the tobacco industry “Philipp Morris Izhora”. [13]

State role in interaction of large and small business

Emphasis was still placed on state roles in development of small business; however, along with it today it is necessary to place emphasis on need of support of small enterprises from large business that, by the way, corresponds also to its own interests. While large business helped formation of small business a little, and sometimes built the various administrative barriers interfering growth of small business.

In establishment of interaction of large and small businesses, the state plays the special role, which provides privileges to small business, doing it, attractive to large and average business as placement of orders at small enterprises allows reducing production expenses. The state can stimulate major companies, giving preference at distribution of the state order by that from them which will carry out it with attraction of small business as the majority of small enterprises of the production sphere cannot steadily work without orders large at all and medium-sized enterprises. In all countries, each large production company cooperates with market economy in about tens and even in hundred small enterprises.

In 2014 the situation with development of small business and to its attraction to the large business improved, but in comparison with other countries leaves much to be desired. “In foreign countries situation differs”, - D.A. Medvedev declared. It reminded that development of this sector is one of the priority directions of economic policy. According to him, “during these years new small business enterprises in production, scientific and social spheres will be able to use two-year tax vacation, work on implementation of this decision goes rather actively”.

The Russian model of interaction of LSBs possesses the considerable specifics caused by process economic reforms and consisting that in developing economic symbiosis of the enterprises the considerable share of loading at an initial stage laid down on small enterprises, which often provided “survival” of major companies. This tendency is not overcome completely and still.

In Russia it is necessary to consider that fact that owing to many reasons the main mode of production are the large structures representing difficult economic complexes. The decision on their crushing and making instead of them small organizational forms of business activity for so-called creation of the competitive environment cannot be justified. Many large industrial giants represent not only a uniform technological complex, but also are city-forming structures and therefore their destruction will have negative social consequences

Interaction of large and small businesses in Russia on the example of oil and gas branch

The market of oil and gas products plays an essential role both in foreign economic activity of Russia and in increase of standards of consumption of resources by own population. In 2017, total capitalization of oil and gas sector is more than $240 billion (48% of total capitalization of TOP-50 Russian companies). Now an actual theoretical and practical problem is decrease in level of monopolism in the sphere of transportation, production and sale of oil, gas and products of their processing.

Picture 2. Top sectors by capitalization in Russian economy  


Source: Bloomberg

The “Lukoil” is one of the largest world vertically integrated companies, which are engaged in production and oil refining and gas, production of oil products and petro chemistry products. The company takes leading positions in the main spheres of the activity in the Russian and world markets.

There is an experience of successful application of franchising. To one of pioneers in the field of active use of franchising in Russia became Lukoil Oil Company. It leased on a competitive basis a number of belonging it unprofitable or remunerative objects of a product providing (gas station, oil depot) to commercial structures, including the small sales companies which use leased infrastructure and realize oil products under its brand. Thus, this company expanded realization of the production, got rid of unprofitable assets and regularly gains additional income in a type of a rent, system of franchising assignments (a royalty, etc.).

“Gazprom” sees the mission in the reliable, effective and balanced providing consumers with natural gas, other types of energy resources and products of their processing.

“Gazprom” has the richest stocks in the world of natural gas. Its share in world gas reserves makes 18%, in the Russian – 72%. 14% of world and 74% of the Russian gas production are the share of “Gazprom”. Now the company actively realizes large-scale projects on development of gas resources of the peninsula of Jamal, the Arctic shelf, Eastern Siberia and the Far East, and a number of projects on investigation and production of hydrocarbons abroad. [9]

Other Russian giant – “Gazprom”, shows quite rare forms of interaction of small and large enterprise structures. Along with the Russian fields enormous in size are available also small which practically did not accustom because of unprofitability and concentration of the large enterprises on problems of “big gas”. As a result, considerable stocks of natural resources were undeveloped. Concepts of their development, technology of arrangement and operation been developed for the selected small fields in scientific research institute and design institutes of “Gazprom”; justification of projects, material base is carried out the equipment is ordered. Only after that, the company makes the decision on creation of independent small firm on development of a gas field with small stocks and its financial and material support carried out. Similar approach is used and concerning the separate fields which have entered finishing phase of development.

It should be noted that interactions of small and large structures in an oil and gas complex have, as a rule, steady, symbiotic character.

On small business’ place in oil branch of the Russian economy, there are polar points of view. The part of experts assigns to small business as a priority part in development of regions already mastered and left by the large companies. Others consider that all independent small producers of oil will be absorbed in the near future by the large companies as businessmen are not capable to create modern economic space independently. Each of these positions can be reasoned. However, possibility of a definite answer raises doubts. Without trying to define a priority of one sphere of economic activity over another or to oppose them, by results of research, it shows that in the oil-extracting sphere of economy of Russia the large companies and small enterprises of oil production can interact and organically supplement each other.

Strength of cooperation of large and small enterprises is expansion of opportunities for formation and commercialization of innovations. The major company reduces risk of an innovation and stimulates emergence of new solutions of business processes. Interaction of major and small firms bears known danger to small firms in communication by loss of independence of the last and in connection with pumping of resources of successful small firms in favor of major companies to the detriment of the general profitability of group of firms.

Foreign experts in declares: “Small business is more necessary than “Gazprom”” In the largest world rating agency “S&P” concluded that the existing economic model in Russia which leans on large monopolies, such as “Gazprom”, the Russian Railway or “Rosneft”, - simply ceased to work effectively. External factors, like the European crisis about which the Russian authorities complain, here it is unnecessarily. On own fault Russia loses in economic growth. If the Russian authorities in the shortest terms do not change priorities, having relied, at last, not on “Gazprom” and “Rosneft”, and on small and medium business, the country will finally fall down in recession, consider in “S&P”.

Shortcomings of interaction of large and small businesses in Russia

Having systematized all data, we will make the list of the main shortcomings of interaction and we will explain some of them.

1. One of the circumstances, braking development of the small and average business and reducing its efficiency, is a decline in production in the sphere of large business. World experience of business proves that large business plays an important and defining role in national economy and in formation of high standards of life. It is impossible to exist without receiving raw materials, components and finished goods for small enterprises. On the one hand, large corporations create conditions for functioning of small business, and on the other, they depend on small companies since they cannot organize large-scale production and realization of the goods and services without participation of small and medium-sized companies.

2. The large companies refuse to conclude bargains with small one as the level of the risk of instability of position in the market is higher.

3. Interaction of large and small businesses often takes place “in a shadow” economy. It is easier for organizations to conclude bargains, without registering officially authorized bodies. The Minister of Finance of the Russian Federation Anton Siluanov declared the shadow sector of the Russian economy about 15-20% of country's gross domestic product. “If shadow sector is somewhere 15-20% of economy, and gross domestic product is somewhere 60 trillion rubles, 15% are 9 trillion”, - the head of financial department told, answering a question of the size of the half-received taxes in the budget. [11] The cause is huge tax burden, or simply evasion of the organizations from paying taxes.

4. One more difficulty for the enterprises is a loan of additional financial means and receiving the credits. The reason of it is a hard and long bureaucracy procedures with which it is really difficult to cope with.

Nowadays in Russia there are considerable disproportions between large, medium and small businesses in spite of the fact that at the heart of their interaction lie not only mutual interests, but also common purposes.

Interaction of large and small businesses in international practice

Interaction of large and small businesses in other countries considerably differs from the Russian practice. For comparison, the largest Russian companies on scales of production and profit coincide with the western averages. The majority of large foreign companies were developed from small one what is not usual for Russia

It is worth to remember that Russia joined WTO in 2012. It certainly influence our business because of new rules of trade only worsened the relations of Russia with other world, instead of improving them.

To an anniversary of membership of Russia in the WTO, the Small and Medium Enterprisers Bank (SME Bank) conducted research with the purpose to find out who won and who lost from the accession to the organization. It appeared that in loss is medium business. Heads of medium-sized companies predict mainly negative consequences: deterioration of conditions as a result of accession to WTO 34% of medium-sized enterprises predicted, improvement – only 12,5%. Estimating accession to WTO consequences as negative, businesspersons first refer to low competitiveness of domestic economy and to inevitable replacement of the Russian production import in a number of branches. Essential risk, in their opinion, is a decrease in investment appeal of Russia because of which the western enterprises will cease to develop the productions in the country. [12]

According to the head of Russian Union of Industrialists and Enterprisers (RUIE) Alexander Shokhin, 86% of the large companies did not notice any changes. Thus, improvement was felt by only 1% of business, other 13% characterized the occurred changes as negative. The head of RUIE from negative calls only that Russia still does not have own representative in the WTO.

Development prospects of interaction of large and small businesses in Russia

The studied materials allow drawing a conclusion, that between development of large and small businesses exists more rigid communication, than it is considered to be. As large production, it starts reviving only after a long economic crisis in Russia, and the demand of small business from large business could not be considerable. Therefore, stagnation in growth dynamics of number of the small enterprises, begun in 1998 and proceeding to this day is not random.

The ratio between large and small business depends on a number of factors, including cultural and historical traditions.

The Russian model of interaction of small and large business has specifics caused by process of economic reforms, which conclude that in developing economic symbiosis of the enterprises the considerable part of charge at an initial stage laid down on small enterprises, which often provided “survival” of major companies. This tendency still is not overcome completely.

Small firms, interacting with the large enterprises, played a significant role in initial accumulation of the capital and in privatization processes, assumed heavy burden of problems in reforming economic development.

Today the search of new reserves is necessary for successful development of business. The considerable part of them is in the sphere of creation of conditions for organic interaction, cooperation and contribution of small, medium and large business into interests of participants of cooperation, the state and society as a whole. The state pays more attention to small business issuing various laws. At first sight it does not concern large business, but if to watch more deeply the success of small business involves attraction it the large, and subsequently adjusted their interaction.

It is important to develop and introduce mechanisms of coordination and interaction of the small, large enterprises and government institutions based on drawing up programs of their development considering planned indicators, focusing activity of managing subjects on the solution of essential tasks. The large enterprises in interaction system with small business reach additional benefits, developing in the most perspective directions and spheres of activity and transferring the non-core directions to small business based on the conclusion of the contractual relations.

For provision improvement of business in the country, the state should solve problems:

 providing equal opportunities of access of subjects of small business to medium-term and long-term financial resources in all territory of the Russian Federation, as well in the critically resourced country regions;

 simplifying the system of the taxation to reduce a share of “shadow” economy;

 financing the construction and development of infrastructure of support of small and medium-sized enterprises (the organizations providing the microcredits, business incubators, the leasing companies, regional funds of support of SMEs, science and technology parks, etc.).

The idea expediency of formation of regional and interregional communications of the small business enterprises based on interaction of large, medium-sized and small enterprises of regions. For development of small enterprises in the sphere of production it is necessary to involve them in realization of priority problems of social and economic development of regions and highly effective projects in the field of the advanced technologies which are demanding small material and financial resources and paying off within one-two years. The guarantee funds created within regional funds of support of small business for financing of investment projects can become important incentive in this case.

At the level of subjects of the Russian Federation for effective use of economic, political, social and other advantages from interaction of large and small enterprise structures in research it is offered to develop and carry out a number of the measures including:

  realization of regional industrial policy in the field of support of integration of large and small enterprise structures;

  development of acts and the target programs promoting stimulation of large business to interaction with small enterprise structures;

 creation of the industrial, tourist, scientific, educational and other clusters which center are the large network organizations.


In modern economic conditions, the small size of the enterprises become their major advantage and define economic, scientific, technical, and organizational factors of their successful activity. Small enterprises reduce expenses due to the narrow specialization, the accelerated rates of development and deployment of research and development, application of flexible technologies, optimum use of business assets, prevalence of horizontal communications in management structure. Efficiency of their work is reached also due to decrease in degree of bureaucratization, lower level of labor costs and creates additional competitive benefit before the large enterprises.

If interaction of subjects of small and large businesses bases on receiving mutual benefit, between them economic symbiosis that represents the union of partners in business, mutually advantageous for both parties is formed. In other words, such steady (long-term) economic interaction, which gives positive synergetic effect, is formed. As a result, effect size from joint activity appears more, than the sum of economic effects of separately operating enterprises.

Examples of effective interaction of the small and large enterprises of various forms and versions can be observed in the oil branch, which is the leader in the sphere of restructuring and improving the large enterprises. Functioning of this branch is based on the rational interaction of small and large business providing the widest range of relationship – from an utterance of the rights for a production activity to a joint production activity.

Relevance of the chosen subject of the article will not change, and here relevance of the stated material in a paper will be prompt to decrease over time as the state actively is engaged in development of interaction of large and small businesses, and changes take place quickly enough. Therefore, in a few years, it is possible to undertake research and results will vary.


1. Federalniy zakon “O razvitii malogo i srednego predprinimatelstva v Rossiyskoy Federatsii” ot 24.07.2007 № 209-FZ.

2. Omarova N. Yu., Kostusenko A. I. Vzaimodeystvie krupnogo i malogo predprinimatel'stva: teoriya i praktika. Monografia. – 2012.

3. Aliev Sh. I. Formirovanie sistemy vzaimodeystviya malogo i srednego predprinimatel'stva s krupnym biznesom v natsional'noy ekonomike :na primere neftegazovoy otrasli. – 2009. – S. 209.

4. Gryaznova A.G, Yudanov A.Yu. Mikroekonomika: prakticheskiy podkhod: (Managerial Economics). A- M.: KnoRus, – 2014. – S. 688.

5. Krugman, P & Wells R. Microeconomics. USA: RR Donneley. – 2009. – S. 688.

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7. Doroshenko A.V. Effektivnost vzaimodeystviya krupnogo i malogo biznesa v sovremennoy rossiyskoy ekonomike // Molodoy uchenyy. – 2013. – №3. – S. 212-216.

8. Lee Keyn. Big businesses and economic growth: Identifying a binding constraint for growth with country panel analysis // Journal of Comparative Economics. – 2013. – №2. – S. 561-582.

9. Official site of “Gazprom”. URL:  http://www.gazprom.ru/ (accessed12.12.2018)

10. Official site of “Lukoil”. URL: www.lukoil.ru (accessed12.12.2018)

11. Official site of Ministry of finances in RF. URL:  http://www.minfin.ru/ru/ (accessed12.12.2018)

12. Online journal “Expert”. URL:  http://expert.ru/ (accessed12.12.2018)

13. Encyclopedia of investor. URL: http://investments.academic.ru/ (accessed12.12.2018)


Список литературы

1. Федеральный закон «О развитии малого и среднего предпринимательства в Российской Федерации» от 24.07.2007 № 209-ФЗ.

2. Омарова Н. Ю., Костусенко А. И., (2012) Взаимодействие крупного и малого предприятия: теория и практика. Монография.

3. Алиев Ш. И. Формирование системы взаимодействия малого и среднего предпринимательства с крупным бизнесом в национальной экономике: на примере нефтегазовой отрасли. (2009). С. 209.

4. Грязнова А.Г., Юданов А.Ю. Микроэкономика: практический подход: (ManagerialEconomics). А-М .: КноРус, 2014. С. 688.

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6. Агейкина М. С. Анализ формы взаимодействия крупного и малого бизнеса // ПСЭ. – 2012. – №1. – С. 149-151.

7. Дорошенко А.В. Эффективность взаимодействия крупного и малого бизнеса в современной российской экономике // Молодой ученый. – 2013. – №3. – С. 212-216.

8. Ли Кейн. Крупный бизнес и экономический рост: выявление связующего ограничения для роста с помощью странового группового анализа // Журнал сравнительной экономики. – 2013. – №2. – С. 561-582.

9. Официальный сайт «Газпром». URL: http://www.gazprom.ru/ (дата обращения 12.12.2018).

10. Официальный сайт «Лукойл». URL: www.lukoil.ru (дата обращения 12.12.2018).

11. Официальный сайт Министерства финансов РФ. URL: http://www.minfin.ru/ru/ (дата обращения 12.12.2018).

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13. Энциклопедия инвестора. URL: http://investments.academic.ru/ (дата обращения 12.12.2018).


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(20) УЭкС, 4/2009
(21) УЭкС, 1/2010
(22) УЭкС, 2/2010
(23) УЭкС, 3/2010
(24) УЭкС, 4/2010
(25) УЭкС, 1/2011
(26) УЭкС, 2/2011
(27) УЭкС, 3/2011
(28) УЭкС, 4/2011
(29) УЭкС, 5/2011
(30) УЭкС, 6/2011
(31) УЭкС, 7/2011
(32) УЭкС, 8/2011
(33) УЭкС, 9/2011
(34) УЭкС, 10/2011
(35) УЭкС, 11/2011
(36) УЭкС, 12/2011
(37) УЭкС, 1/2012
(38) УЭкС, 2/2012
(39) УЭкС, 3/2012
(40) УЭкС, 4/2012
(41) УЭкС, 5/2012
(42) УЭкС, 6/2012
(43) УЭкС, 7/2012
(44) УЭкС, 8/2012
(45) УЭкС, 9/2012
(46) УЭкС, 10/2012
(47) УЭкС, 11/2012
(48) УЭкС, 12/2012
(49) УЭкС, 1/2013
(50) УЭкС, 2/2013
(51) УЭкС, 3/2013
(52) УЭкС, 4/2013
(53) УЭкС, 5/2013
(54) УЭкС, 6/2013
(55) УЭкС, 7/2013
(56) УЭкС, 8/2013
(57) УЭкС, 9/2013
(58) УЭкС, 10/2013
(59) УЭкС, 11/2013
(60) УЭкС, 12/2013
(61) УЭкС, 1/2014
(62) УЭкС, 2/2014
(63) УЭкС, 3/2014
(64) УЭкС, 4/2014
(65) УЭкС, 5/2014
(66) УЭкС, 6/2014
(67) УЭкС, 7/2014
(68) УЭкС, 8/2014
(69) УЭкС, 9/2014
(70) УЭкС, 10/2014
(71) УЭкС, 11/2014
(72) УЭкС, 12/2014
(73) УЭкС, 1/2015
(74) УЭкС, 2/2015
(75) УЭкС, 3/2015
(76) УЭкС, 4/2015
(77) УЭкС, 5/2015
(78) УЭкС, 6/2015
(79) УЭкС, 7/2015
(80) УЭкС, 8/2015
(81) УЭкС, 9/2015
(82) УЭкС, 10/2015
(83) УЭкС, 11/2015
(84) УЭкС, 11(2)/2015
(85) УЭкС,3/2016
(86) УЭкС, 4/2016
(87) УЭкС, 5/2016
(88) УЭкС, 6/2016
(89) УЭкС, 7/2016
(90) УЭкС, 8/2016
(91) УЭкС, 9/2016
(92) УЭкС, 10/2016
(93) УЭкС, 11/2016
(94) УЭкС, 12/2016
(95) УЭкС, 1/2017
(96) УЭкС, 2/2017
(97) УЭкС, 3/2017
(98) УЭкС, 4/2017
(99) УЭкС, 5/2017
(100) УЭкС, 6/2017
(101) УЭкС, 7/2017
(102) УЭкС, 8/2017
(103) УЭкС, 9/2017
(104) УЭкС, 10/2017
(105) УЭкС, 11/2017
(106) УЭкС, 12/2017
(107) УЭкС, 1/2018
(108) УЭкС, 2/2018
(109) УЭкС, 3/2018
(110) УЭкС, 4/2018
(111) УЭкС, 5/2018
(112) УЭкС, 6/2018
(113) УЭкС, 7/2018
(114) УЭкС, 8/2018
(115) УЭкС, 9/2018
(116) УЭкС, 10/2018
(117) УЭкС, 11/2018
(118) УЭкС, 12/2018
(119) УЭкС, 1/2019
(120) УЭкС, 2/2019
(03) УЭкС, 3/2019
(04) УЭкС, 4/2019
(05) УЭкС, 5/2019
(06) УЭкС, 6/2019

 Федеральная служба по надзору в сфере связи и массовых коммуникаций

№ регистрации СМИ ЭЛ №ФС77-35217 от 06.02.2009 г.       ISSN: 1999-4516