Defense of the dissertation of Маханов Сагат Султанбекович for the degree of Doctor of Philosophy (PhD) in the specialty «8D04106 - Аналитикалық Экономика»
L.N. Gumilyov Eurasian National University, a dissertation defense for the degree of Doctor of Philosophy (PhD) by Маханов Сагат Султанбекович on the topic «Investment activity of the Republic of Kazakhstan to expand oil refining and petrochemical products» in the field of «8D04106 – Аналитикалық Экономика».
The dissertation was carried out at the «Economics and entrepreneurship» of L.N. Gumilyov Eurasian National University.
The language of defense is russian
Reviewers:
Османов Жасым Джафарович - Candidate of Science, Assistant Professor
Омарова Айжан Игиликовна - Candidate of Science, Associate Professor, docent
Temporary members of the Dissertation Committee:
Шинкевич Алексей Иванович - Doctor of Science, Professor, professor
Валеева Юлия Сергеевна - Doctor of Science, Assistant Professor, prorektor
Сыздықова Азиза Оралбайқызы - Doctor of Philosophy (PhD), Associate Professor, docent
Сагинаев Аманжан Туремуратович - Doctor of Science, Professor, professor
Есберген Раушан Әкімгерейқызы - Candidate of Science, Associate Professor, docent
Сихимбаева Динар Рахмангазовна - Doctor of Science, Professor, professor
Academic Advisors:
Yegemberdieva Saule Meirbekovna – Doctor of Economics, Professor of the Department of Economics and Entrepreneurship of the L.N. Gumilyov Eurasian National University (Astana, Republic of Kazakhstan)
Silka Dmitry Nikolaevich – Doctor of Economics, Professor, Russian Presidential Academy of National Economy and Public Administration (Moscow, Russian Federation)
The defense will take place on December 26, 2023, at 03:00 PM in the Dissertation Council for the training direction «8D041 – %!s(*string=0xc00ca47b80)» in the specialty «8D04106 – Аналитикалық Экономика» of L.N. Gumilyov Eurasian National University. The defense meeting is planned to be held online.
Link: https://clck.ru/36jp5Z
Address: г. Астана, ул. Кажымукана, 11, ауд. №517 (УЛК)
Abstract (English): ANNOTATION On dissertation thesis of Makhanov Sagat Sultanbekovich “Investment activity of the Republic of Kazakhstan to expand oil refining and petrochemical products”, submitted for the degree of Doctor of Philosophy (PhD) in the study program “8D04106 – Analytical Economics” Purpose of the dissertation thesis is the theoretical and methodological substantiation of investment activities in the oil refining industry and petrochemicals of the Republic of Kazakhstan and development of recommendations for assessing its economic efficiency. Research objectives are followings: –to study the specifics of investment activity in the oil refining industry and petrochemicals and give the author’s definition of the concept of “investment activity in the oil refining industry and petrochemicals”; – to justify the methodology of economic assessment approaches investment activities to create production facilities to expand the output of oil refining and petrochemical products, taking into account the specifics oil and gas complex of Kazakhstan; – to analyze the world markets for petroleum products and petrochemical products, study the investment activities of individual countries i.e. large investors; – to analyze the current state of investment activity of the oil and gas complex of the Republic of Kazakhstan for the production of oil refining and petrochemical products; – to determine the factors for the development of the petrochemical sector of the country’s economy; – to analyze and evaluate the effectiveness of investment activities in the modernization of oil refineries in Kazakhstan; –to carry out an analysis of the content of the main investment projects for formation of a petrochemical cluster; –to assess investment activities to expand production of petrochemical products using the author's methodological approaches: to calculate indicative indicators for the production of basic petrochemical products (product volumes and their growth, the share of gross value added, labor productivity growth, consumption in the domestic market, import substitution); – to provide an assessment of the economic efficiency of an investment project solution for the production of petrochemical products; – to determine priority directions of investment policy of the Republic of Kazakhstan in the development of the oil refining industry and petrochemicals – to carry out a forecast assessment of the export of new types of petrochemical products based on the results of the implementation of investment projects; – to assess the impact investment activities to expand production oil refining industry and petrochemicals on the economy of the Republic of Kazakhstan and the structure of its inter-industry balances. Research methods. The monographic method was used to develop proprietary methodological approaches for assessing investment activity, taking into account the peculiarities of the functioning of oil refining and petrochemical enterprises. The static and dynamic methods, the comparison method were used to specify quantitative indicators of assessment and determine the relationships between economic phenomena, to study the state of investment activity of the oil and gas complex. The calculation-constructive and discounted methods were used in the process of assessing the effectiveness of an investment project for the production of petrochemical products. The influence of multipliers is used to determine structural changes in inter-industry balances. The sources of primary data are to report materials of the oil and gas complex, strategic plans for the development of oil companies, design solutions for the diversification of enterprises in the oil and gas sector. The data from the Ministries of National Economy and Energy of the Republic of Kazakhstan, analytical forecasts of the International Energy Agency, NC JSC “KazMunayGas” and various expert agencies were used. Main provisions submitted for defense: –the author's definition of the concept of “investment activity in the oil refining industry and petrochemicals”, taking into account the specifics of production processes; - the methodology for economic assessment of investment activities to expand oil refining and petrochemical products, taking into account the specifics of Kazakhstan; – the assessment of the investment activities of the Republic of Kazakhstan to expand petroleum products and petrochemicals; – the assessment of the economic efficiency of an investment project for the production of petrochemical products; –priority areas of investment activity of the Republic of Kazakhstan to expand oil refining and petrochemical products; –the impact of investment activities in oil refining and petrochemicals on the economy of Kazakhstan. Description of the main results of the study. 1. The specifics of investment activity in the oil refining industry and petrochemicals have been studied and justified: – the directions of investment activity in the oil refining industry and petrochemicals are justified; – the features of the life cycle of an investment project in the oil refining industry and petrochemicals are revealed; – the specifics of investment activity in the oil refining industry and petrochemicals in Kazakhstan are classified, taking into account the peculiarities of organizing the export of products; –the author’s definition of the concept is given “investment activities in the oil refining industry and petrochemicals” based on the theoretical research, taking into account the specifics of organizing production in the Republic of Kazakhstan. 2. Presented methodology of economic assessment of investment activities for the creation of production facilities for the production of oil refining and petrochemical products, taking into account the author’s approaches: – the methods for assessing investment activities to expand oil refining and petrochemical products were studied; –control algorithm of investment project of the organization production facilities for the production of oil refining and petrochemical products was developed; – a comprehensive methodology on assessment of investment activities to expand oil refining and petrochemical products in Kazakhstan has been proposed. 3. An assessment of the effectiveness of investment activities in Kazakhstan was carried out to expand oil refining and petrochemical products: – an analysis of the global production of petroleum products and petrochemical products is presented with the updating of Kazakhstan’s place in the industry’s foreign markets; – based on the analysis of the current state of investment activities of the oil and gas complex of the Republic of Kazakhstan for the production of oil refining and petrochemical products factors identified development of the petrochemical sector of the country's economy; – an analysis of the effectiveness of investment activities for the implementation of projects for the modernization of oil refineries and the organization of production for the production of petrochemical products was carried out; – using the author’s methodology, the project was assessed creation of a national petrochemical cluster; – a grouping scheme has been developed the effectiveness of investment activities to expand oil refining and petrochemical products in Kazakhstan. 4. Cost-effectiveness assessment of investment project for the production of petrochemical products was carried out: –the effectiveness of investment activity was substantiated by calculating the main indicators of economic efficiency of a real investment project for organizing production for the production of petrochemical products; –an analysis of the risks of the investment project on organization of production for the production of petrochemical products through sensitivity determination to various risks was carried out. 5. The priority directions of investment activity of the Republic of Kazakhstan to expand oil refining and petrochemical products were presented: – the first priority: the saturation of the domestic market with basic petrochemical products (a forecast for a decrease in imports and growth of import substitution for the main types of petrochemical products); – the second priority: the creation of a national petrochemical cluster (justified formation of clusters for the development of the oil refining and petrochemical sectors of the industrial economy of Kazakhstan); – the third priority: increasing the export of Kazakh products (export potential is presented by type of petrochemical products planned for production). 6. The impact of investment activities in oil refining and petrochemicals on the economy of the Republic of Kazakhstan has been determined: – the effects at the stages of construction and operation of the fourth oil refinery in Kazakhstan are classified; – economic models of inter-industry balance multipliers are presented at the stage of construction of an oil refinery and from the implementation of an investment project; – the influence of the expansion multiplier of oil refining products on various sectors of the national economy was determined – an assessment was made of the impact of the cumulative effect on the economy of the Republic of Kazakhstan as a result of the implementation of an investment project to modernize the existing oil refinery; –the forecast results are given for increasing the share of gross added value of petrochemical industry products to the total volume of the manufacturing industry in Kazakhstan until 2030. Justification of the novelty and importance of the results obtained. Result 1specifies and deepens theoretical knowledge about the essential concept, specificity, directions, organization investment activities in the oil refining industry and petrochemicals. The results obtained will be the basis for the implementation of new research in economic science related to the development of the oil and gas complex of the Republic of Kazakhstan. Result 2 is a methodological recommendation for investors, designers, analysts when assessing investment activities when choosing design solutions for the development of the oil refining industry and petrochemicals. The proposed methodology for regulating investment activity in the form of an algorithm is a guide for management of an organization's investment project production of oil refining and petrochemical products. Developed complex methodology allows for an assessment of investment activities to expand oil refining and petrochemical products in Kazakhstan based on indicators of growth in production volumes, growth in labor productivity, determine forecast indicators of consumption volumes for domestic market, calculate indicators for reducing imports and increasing import substitution, identifying indicators for increasing the share of product exports in the total volume of non-resource exports and the share of petrochemical products in the gross value added of the manufacturing industry in the structure of the national economy. The proposed methodology, with adjustments to the criteria, can be applied to assess investment activities for the development of other industrial sectors of the economy of Kazakhstan. Application of the author's methodology assessment of investment activities to expand oil refining and petrochemical products contributes to the formation of new analytical and empirical results. Result 3 is an analysis of the effectiveness of investment activities for the implementation of refinery modernization projects and the organization of production facilities for the production of petrochemical products in Kazakhstan served as the basis for determining factors for further development petrochemicals and project evaluation creation of a national petrochemical cluster. Proposed algorithm scheme management of investment activities to expand oil refining and petrochemical products in Kazakhstan will be a recommendation when implementing investment projects for the development of the petrochemical industry. Result 4 - presented assessment of economic efficiency of real investment project for the production of petrochemical products and the risk analysis carried out are the practical example for assessing the effectiveness of other projects for industrial diversification. Result 5 aimed at further implementation of investment processes in the oil refining industry and petrochemicals of the Republic of Kazakhstan. Result 6 justifies the impact of investment activities in oil refining and petrochemicals on the economy of the Republic of Kazakhstan through the effects multiplier for various sectors of the national economy and increasing the share of gross added value of oil refining and petrochemical products to the total volume of the country's manufacturing industry. This result will be a guideline for selecting investment projects for the development of the oil refining and petrochemical industries of Kazakhstan. The compliance with directions of scientific development or government programs. Complies with regulations of the Resolution of the Government of the Republic of Kazakhstan “On approval of the National Project for the development of the petrochemical industry of the Republic of Kazakhstan for 2021–2025”, The Decree of the President of the Republic of Kazakhstan "On the creation of a special economic zon "National Industrial Petrochemical Technopark".Selected results of the dissertation research were used in the implementation of a scientific project on the topic “Evaluation of investments for the development of the oil refining and petrochemical sectors of the economy of Kazakhstan” under grant funding from the Science Committee of the Ministry of Education and Science of the Republic of Kazakhstan. An assessment of the economic efficiency of a real investment project to create production for the production of petrochemical products was presented in the educational process of Astana IT University LLP when teaching the discipline "Economic assessment of projects." The description of the applicant's contribution to the preparation of each publication. The results of the study are reflected in15scientific works, of which 1 article was published in a journal included in the international scientometric database Scopus (61st percentile, first author), 1 article is in the journal "E3S Web Conf.” bases Scopus (25th percentile),4articles are in scientific publications recommended by Committee for Quality Assurance in the field of science and higher education of The MSHE RK (where the first author is in 1 article),7 articles are in the materials of international scientific and practical conferences (where the first author is in 2 articles, the sole author is 1 article), 2 articles are in other publications. 2 certificates were received for objects of protected copyright (scientific work) on the topic of dissertation research. The author independently conducted the research at all stages of preparation of the dissertation work, since he has special qualifications and experience in practical work on the topic of the dissertation.
Conclusion of the Research Ethics Committee
Defense of the dissertation: https://youtu.be/vVbhgwmQPi0?si=hAgD6rOpuch0cvTU
