North-West Institute of Management, Branch of the Russian Presidential Academy of National Economy and Public Administration, Saint Petersburg, Russia:

E. A. Kuklina, Professor, Doctor of Economic Sciences, jeakuklina@mail.ru

The critical condition of activity and national security of a country is the availability of mineral resources. One of the sources of mineral wealth for the social and economic advancement in the Russian Federation is the territory of the Arctic. The main factors of influence on development in the oil and gas sector in Russia are: longtermness and high capital/output ratio of projects; heavy reliance on import technologies; lack of competitive environment and focus on internal R&D financing; government monopoly and close control. This article examines the oil and gas sector structure in Russia and identifies the areas of innovation activities of oil and gas companies in the Arctic. The innovative development of oil and gas companies is suggested to be considered within the model of added value maximization. Efficient selection of an optimized innovative project is possible using a multi-criterion approach. This approach includes calculation of Net Present Value of Returns and Index of Innovation. The problem is solved using minimax decision-making criteria and their convolution based on the fuzzy set theory. The innovation activities of oil and gas companies in BRICS countries are compared. In the capacity of a new tool within multilateral development banks of BRICS, it is proposed to finance innovative oil and gas projects in Russia out of the funds of New Development Bank and Contingent Reserve Agreement. It is suggested to enhance efficiency of production in the oil and gas sector in Russia by creating a virtual industry-specific innovation cluster.

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