Bakieva Iroda, Candidate of Economics, docent
acting professor of the department of “Economic security” Tashkent Financial Institute
e-mail: i_bakiyeva@mail.ru
ORCID: 0000-0002-6092-2635
Abstract: In this article, the foreign experience of financing investment projects in oil and gas enterprises is researched, the current state of investment activities of JSC Uzbekneftgaz, which is considered the object of the study, the analysis of the capital structure and efficiency of oil and gas enterprises, the efficiency of investments attracted by the enterprise and its branch enterprises in recent years. analysis was carried out. It is known that when carrying out investment activities in the oil and gas industry, before considering the issue of financing one or another project, it is necessary to achieve a balance of interests of all participants, in addition, to take into account the uniqueness of the country’s oil and gas industry, the trends observed in the field, the main factors that determine the investment attractiveness of the complex, and it is necessary to clearly understand all the main mechanisms of organizing the investment process in general. In addition, it is important to study the world experience and historical trends, to apply financing mechanisms for oil and gas projects (budget financing, corporate financing, project financing, etc.) adapted to the existing conditions in the country, tested in world practice, and to use the most effective tools. Based on this, the main types and conditions of financing projects in the oil and gas sector in international practice, as well as issues of the development of their mechanisms over time, have been considered in this article. While describing the state of financing of oil and gas projects in the Republic of Uzbekistan, the volumes, sources, and factors affecting them of the investments attracted in this direction during the last five years were analyzed. The article also considers various definitions of investment project financing, its main concepts, characteristic features and specific features. On the example of a number of foreign countries, including the countries of the Middle and Middle East, the United States of America, Russia, Norway, where the oil and gas industry is relatively more developed, the issues of financing investment projects in oil and gas enterprises were considered on the basis of a comparative analysis. In the case of the Russian Federation alone, it can be seen that, for various reasons, the allocation of foreign loans (international financial institutions) and interstate guaranteed resources to finance projects in the oil and gas sector has significantly decreased. Analyzing the reasons for this, it can be explained by the fact that state or guaranteed loan funds are directed not to commercial projects, but primarily to the social sphere, communal economy and similar spheres.
Key words: Financing, oil and gas companies, credit ratings, debt, government, OPEC, international oil and gas companies, diversification, oil price, investment activities.