
ECONOMICS
Original paper
UDC 330.322 c Yu.V. Lyubek, O.A. Marinina, S.O. Tesovskaya, 2026
ISSN 0041-5790 (Print) • ISSN 2412-8333 (Online) • Ugol’ – Russian Coal Journal, 2026, №1. pp. 29-35
DOI: http://dx.doi.org/10.18796/0041-5790-2026-1-29-35
DEVELOPMENT OF AN ORGANIZATIONAL AND ECONOMIC FRAMEWORK FOR IMPLEMENTING INVESTMENT PROJECTS IN THE COAL INDUSTRY USING PROJECT FINANCING INSTRUMENTS
Authors
Yu.V. Lyubek, O.A. Marinina, S.O. Tesovskaya
Empress Catherine II Saint Petersburg Mining University, St Petersburg, 199106, Russian Federation e-mail: lyubek_yuv@pers.spmi.ru
Authors Information
Lyubek Yu.V. – PhD (Economics), Associate Professor, Associate Professor of the Department of Sectoral Economics, Empress Catherine II, Saint Petersburg Mining University, St Petersburg, 199106, Russian Federation, e-mail: lyubek_yuv@pers.spmi.ru
Marinina O.A. – PhD (Economics), Associate Professor, Head of the Department of Sectoral Economics, Empress Catherine II Saint Petersburg Mining University, St Petersburg, 199106, Russian Federation, e-mail: Marinina_OA@pers.spmi.ru
Tesovskaya S.O. – Master of the Department of Sectoral Economics, Empress Catherine II Saint Petersburg Mining University, St Petersburg, 199106, Russian Federation, e-mail: sofiyatesovskaya@mail.ru
Abstract
The relevance and rationale of this study lies in stimulating investment activity in regions specializing in mineral resources through financing complex investment projects using special schemes. The aim of the study is to develop an organizational and economic framework for implementation of complex investment projects using project financing instruments. For this purpose, the study analyzes the use of the presented financial mechanism to execute investment projects in domestic and foreign experience. Based on the results of this analysis, the authors justify the sequence of building an organizational and economic scheme for implementing investment projects within the framework of project financing. Using the research presented, the paper proposes a scheme to finance complex energy projects underway in the Far East regions, which is designed based on a concession model and linked to regional financial flows.
Keywords
Project financing, investment project, organizational and economic scheme, region specializing in mineral resources, coal industry, sustainable development, concession scheme, project financing.
References
- Anikeeva A.A., Chernoletskaya A.K. Analiz mekhanizmov privlecheniya investitsionnykh resursov v period krizisa // Ekonomika, predprinimatel'stvo i pravo. 2021. Tom 11. № 6. S. 1587-1604. https://doi.org/10.18334/epp.11.6.112304. Anikeeva A.A., Chernoletskaya A.K. Mechanisms for attracting investment resources during a downturn. Еkonomika, predprinimatel'stvo i parvo. 2021;11(6):1587-1604. (In Russ.). https://doi.org/10.18334/epp.11.6.112304.
- Gavrilin A.V., Tonoyan R.G. Osobennosti razvitiya global'nogo rynka proyektnogo finansirovaniya // Finansovyye rynki i banki. 2020. № 4. S. 57-60. Gavrilin A.V., Tonoyan R.G. Global project finance market developmental characteristics. Finansovye rynki i banki. 2020;(4):57-60. (In Russ.).
- Gonzalez-Ruiz J.D., Mejia-Escobar J.C., Franco-Sepulveda G. Towards an understanding of project finance in the mining sector in the sustainability context: a scientometric analysis. Sustainability. 2021;13(18):10317. https://doi.org/10.3390/su131810317.
- Investitsii v infrastrukturu i GChP 2022. Natsional'nyy Tsentr GChP. URL: https://rosinfra.ru/files/analytic/751/document/fbb2161d0d2df33ba48cac22d70b4d3d.pdf (data obrashcheniya: 15.12.2025).
- Shihverdiev A.P., Chuzhmarov A.I., Kalina A.V. Organizatsionno-ekonomicheskiy mekhanizm razvitiya chastno-gosudarstvennogo partnerstva v regione // Biznes. Obrazovanie. Pravo. Vestnik Volgogradskogo instituta biznesa. 2015. № 4. S. 50-55. Shihverdiev A.P., Chuzhmarov A.I., Kalina A.V. Organizational-economic mechanism of development of public-private partnerships in the region. Biznes. Obrazovanie. Pravo. Vestnik Volgogradskogo instituta biznesa. 2015;(4):50-55. (In Russ.).
- Glukhov V.V., Babkin A.V., Shkarupeta E.V. Tsifrovoye strategirovaniye promyshlennykh sistem na osnove ustoychivykh ekoinnovatsionnykh i tsirkulyarnykh biznes-modeley v usloviyakh perekhoda k Industrii 5.0. // Ekonomika i upravleniye. 2022. T. 28. № 10. S. 1006-1020. http://doi.org/10.35854/1998-1627-2022-10-854-860. Glukhov V.V., Babkin A.V., Shkarupeta E.V. Digital strategizing of industrial systems based on sustainable eco-innovation and circular business models in the context of the transition to Industry 5.0. Еkonomika i upravlenie, 2022;28(10):1006-1020. (In Russ.). http://doi.org/10.35854/1998-1627-2022-10-854-860.
- Fabrika proyektnogo finansirovaniya. URL: https://www.economy.gov.ru/material/directions/investicionnaya_deyatelnost/fabrika_proektnogo_finansirovaniya/ (data obrashcheniya: 15.12.2025).
- Otsenka roli gosudarstva v upravlenii mineral'nymi resursami / V.S. Litvinenko, Ye.I. Petrov, D.V. Vasilevskaya i dr. // Zapiski Gornogo instituta. 2023. № 259. S. 95-111. DOI: 10.31897/PMI.2022.100. Litvinenko V.S., Petrov E.I., Vasilevskaya D.V., Yakovenko A.V., Naumov I.A., Ratnikov M.A. Assessment of the role of the state in the management of mineral resources. Zapiski Gornogo instituta. 2023;(259):95-111. (In Russ.). DOI: 10.31897/PMI.2022.100.
- Razvitiye metodologii stsenarnogo analiza investitsionnykh proyektov predpriyatiy mineral'no-syr'yevogo kompleksa / K.V. Matrokhina, V.Ya. Trofimets, Ye.B. Mazakov i dr. // Zapiski Gornogo instituta. 2023. № 259. S. 112-124. DOI: 10.31897/PMI.2023.3. Matrokhina K.V., Trofimets V.Y., Mazakov E.B., Makhovikov A.B., Khaykin M.M. Development of methodology for scenario analysis of investment projects of enterprises of the mineral resource complex. Zapiski Gornogo instituta. 2023;(259):112-124. (In Russ.). DOI: 10.31897/PMI.2023.3.
- Cherepovitsyn A.E., Tsvetkov P.S., Yevseyeva O.O. Kriticheskiy analiz metodicheskikh podkhodov k otsenke ustoychivosti arkticheskikh neftegazovykh proyektov // Zapiski Gornogo instituta. 2021. T. 249. S. 463-479. DOI: 10.31897/PMI.2021.3.15. Cherepovitsyn A.E., Tsvetkov P.S., Evseeva O.O. Critical analysis of methodological approaches to assessing sustainability of arctic oil and gas projects. Zapiski Gornogo instituta. 2021;(249):463-479. (In Russ.). DOI: 10.31897/PMI.2021.3.15.
- Analiz gotovnosti kompaniy ugol'noy promyshlennosti k perekhodu na proyektno-orientirovannoye upravleniye / I.S. Brikoshina, A.G. Geokchakyan, N.V. Mikhalevich i dr. // Ugol'. 2020. № 10. S. 28-32. DOI: 10.18796/0041-5790-2020-10-28-32 Brikoshina I.S., Geokchakyan A.G., Mikhalevich N.V., Nikitin S.A., Pavlovskiy P.V. Analysis of the readiness of coal industry companies to switch to project oriented management. Ugol’. 2020;(10):28-32. (In Russ.). DOI: 10.18796/0041-5790-2020-10-28-32.
- Gatti S. Project Finance in Theory and Practice: Designing, Structuring, and Financing Private and Public Projects. Elseiver: Amsterdam, The Netherlands. 2018.
- Panfilova A.A. Proyektnoye finansirovaniye kak metod organizatsii investitsionnoy deyatel'nosti // Vestnik PNRPU. Sotsial'no-ekonomicheskiye nauki. 2022. № 3. S. 228-240. Panfilova A.A. Project Financing as a Method of Organizing Investment Activities. Bulletin of PNRPU. Social and Economic Sciences. 2022;(3):228-240. (In Russ.).
- Ma L., Li J., Jin R., Ke Y., Yuan J. A holistic review of public-private partnership literature published between 2008 and 2018. Adv. Civ. Eng. 2019:1-18.
- Pilipchuk N.V., Aksenova Z.A., Lupacheva S.V., Markova O.M., Tamov R.M. Digital development of Russian Regions: Prospects and contradictions in a period of turbulence. Advances in Science, Technology & Innovation. 2024;(1):393-398. https://link.springer.com/chapter/10.1007/978-3-031-49711-7_65 (accessed: 15.12.2025).
- Rol' VEB.RF na rynke sinditsirovannogo kreditovaniya. https://p3week.ru/images/2022/presenatations/13/fabrika.pdf (data obrashcheniya: 15.12.2025).
- FGUBU «Rossiyskoye energeticheskoye agentstvo» Ministerstva energetiki RF. URL: https://rosenergo.gov.ru (data obrashcheniya: 15.12.2025).
- Federal'nyy zakon «O kontsessionnykh soglasheniyakh» ot 21.07.2005 № 115-FZ (v red. ot 29.12.2022). URL: https://www.consultant.ru/document/cons_doc_LAW_54572/ (data obrashcheniya: 15.12.2025).
- Plakitkin Yu.A., Plakitkina L.S., D'yachenko K.I. Prognoz razvitiya mirovogo i otechestvennogo rynka uglya pod vozdeystviyem tendentsiy «zelenoy» energetiki i sanktsionnykh ogranicheniy // Ugol'. 2023. № 8. S. 66-72. DOI: 10.18796/0041-5790-2023-8-66-72. Plakitkin Yu.A., Plakitkina l.S., Dyachenko K.I. Forecast of global and domestic coal market development under the impact of green energy trends and sanctions restrictions. Ugol’. 2023;(8):66-72. (In Russ.). DOI: 10.18796/0041-5790-2023-8-66-72.
- Atlas investitsiy rossiysko-kitayskogo energeticheskogo sotrudnichestva 2021 / Rossiysko-Kitayskiy energeticheskiy biznes-forum. 2021. 430 s. https://rcebf.com/atlas/ (data obrashcheniya: 15.12.2025).











