- 著者
-
小林 博
- 出版者
- 島根県立大学
- 雑誌
- 北東アジア研究 (ISSN:13463810)
- 巻号頁・発行日
- vol.9, pp.51-61, 2005-03
In eastern part of Russia including Sakhalin, there are many oil and gas projects which are ongoing or at the planning stage. In order for these projects to be developed successfully, huge amount of fund raising is required. Even though the number of banks is very large, second in the world after the United States, the Russian banking system is very underdeveloped. As a result, it is extremely difficult to finance big oil and gas projects domestically. Accordingly, the large scale external financing is necessary so that the oil and gas projects would be developed successfully. To finance huge amount of fund externally for oil and gas projects, the finance technique of project finance is used in many cases. Usually, international development banks and official credit agencies of the advanced countries take part in the project finance. These banks and agencies take the political risks of the projects. In addition to these international development banks and official credit agencies, many parties take part in the project finance. These parties are sponsor companies, constructing companies, management companies, commercial banks, sellers of raw materials, buyers of products and so on. These parties share the risks involved in the projects. In the case of big oil and gas projects in Russia, the project finance is expected to be used to raise the fund. If the commercial banks do not join the financing of those projects because the project finance is not structured successfully, the projects will be greatly scaled down.