Improving the competitiveness of oil industry enterprises by optimizing investment

Tyumen State University Herald. Social, Economic, and Law Research

Release:

Vesntik TSU. Economy (#11). 2013

Title:

Improving the competitiveness of oil industry enterprises by optimizing investment

Authors: Sergey V. Lyubimov, Elena S. Sokolova

About the authors:

Sergey V. Lyubimov,

Dr. Econ. Sci., Professor, Head of Economics and Property Evaluation Department, Institute for Economics, Management and Law (Surgut branch), Tyumen State University

Elena S. Sokolova,

student, Institute for Economics, Management and Law (Surgut branch), Tyumen State University

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Abstract:

The current stage of the national economy development is characterized by a decrease in the rate of economic growth, low efficiency of budget process, the growing threats from internal and external environment. External threats are determined by decreasing volumes of exporting hydrocarbons abroad, whereas domestic threats are associated with a sharp decline in tax revenues in the non-oil sectors of economy and reduced spending on investment. The current condition of equipment, its physical deterioration in the oil industry does not allow the yield of produce on the technological frontier, and to modernize in order to increase competitiveness. The authors of this article offer a mechanism to form necessary investment funds for modernization of equipment of an oil enterprise by optimal programming methods. Improving the quality of management accounting in the enterprise will provide a solution to specific management objectives through equity. This will enable the usage of the proposed and practically adapted economic-mathematical model and to improve production efficiency in the declining production of hydrocarbons.

Keywords:

References:

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