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Financial structure of Japanese oil and gas companies, operating in Russia

Student: Shestipalova Svetlana

Supervisor: Dmitry V. Levando

Faculty: Faculty of World Economy and International Affairs

Educational Programme: Bachelor

Year of Graduation: 2014

Nowadays, the international community becomes a witness of rapid development of bilateral relations between Russia and Japan, particularly in the energy sector.The purpose of this study is to determine the financial structure of the Japanese oil and gas companies operating in Russia. Basic tasks, which put in this study, include the analysis of the current state of the Japanese energy balance, defining management features of oil and gas companies, particularities of financial and tax accounting, analyzing the main risks of Japanese companies in Russian market, studying the capital structure of Japanese enterprises and evaluating the possible investments in development of joint Russian-Japanese projects. In the study there are many materials relating to the functioning of Japanese energy sector.After analyzing the energy model of Japan in modern conditions, we can conclude that there is combined a high level of consumption of electricity and fuel resources with absolute dependence on energy resources import. Japanese economy as a result of increased attention to energy efficiency has become a very energy-intensive. Limited resources and concerns of environmental situation force Japan to undertake more active energy policy and to use energy resources more efficient.Japanese companies as a priority are considering cooperation with Russia. However, Russian-Japanese relations don’t reach the proper development potential. Emphasis is placed on the company "Mitsubishi Corporation" and "Mitsui & Co., Ltd". These Japanese companies have horizontal type of business, called "Kige Syudan". This type of business let to redistribute risks between companies in this multidisciplinary concern.In conclusion, it is worth to note that the capital structure of Japanese oil and gas companies are characterized by high leverage ratio. Company "Mitsubishi Corporation" has the most effective use of its borrowed funds, than the company "Mitsui & Co., Ltd". The interests of Japanese oil and gas companies in Russia will increase. And if our country creates best conditions for attracting investments, the Japanese companies will be able to meet their strategic interests and to diversify sources of energy supply, and as a consequence, to increase the energy security of the country.

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