Transnationalization of the Russian Oil and Gas Business: “Game over” or Upgrade?

The article examines the process of transnationalization of Russian vertically integrated oil companies (VINK) in the period 1990-2010 and the prospects for its development in modern conditions. The purpose of the study is to identify the key factors, risks and potential trajectories of the «second wave of transnationalization» of the VINK, taking into account the changed geopolitical and economic reality. Research methods. The work is based on the theory of monopolistic advantages by S. Hymer (analysis of the competitive advantages of the VINK); the methodology of geopolitical analysis (assessment of the impact of the sanctions regime and the multipolarity of the world); a systematic approach to the study of interstate cooperation (the role of BRICS and other alliances). Results. It is established that: the initial stage of the transnationalization of the VINK was based on neoliberal economic theory and the perception of globalization as an unconditional trend, which led to high political risks (the imposition of sanctions); modern conditions are forming a new type of imperfect competition in the oil and gas markets, due to the energy transition and political pressure on Western corporations; Russian VINK have a competitive advantage in scale, but lack advanced technologies; the geopolitical factor becomes key when choosing directions for international expansion; cooperation with countries that share Russia’s interests in building a multipolar world is a priority. Conclusions. For the successful transnationalization of the VINK, it is necessary to combine its own technological developments with international cooperation (including within the framework of BRICS); focus on the long-term economic and political interests of the state.; to use the mechanisms of interstate cooperation for the implementation of joint energy projects.

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