Feasibility Assessment of Cryptocurrency-Based Financing Methods for Downstream Oil and Gas Projects within the Framework of Participatory Governance

Document Type : Original Article

Author
Ali NaderiShahi
PhD in Economics, University of Tehran, Tehran, Iran.
10.22034/jmek.2026.429644.1117
Abstract
The development of downstream oil and gas industries is an economic necessity for completing the value chain, preventing raw material exports, and generating sustainable employment. However, government budget constraints, declining oil revenues, and international sanctions have turned the financing of these large-scale, capital-intensive projects into a major challenge. The primary objective of this study is to assess, evaluate, and prioritize financing methods for downstream oil and gas projects in accordance with Iran's local and economic conditions. In terms of purpose, this research is applied, and in terms of methodology, it is descriptive-survey based. To this end, following a review of the literature and identification of common financing methods (debt-based and non-debt-based), a questionnaire was designed and distributed among industry experts and specialists. These methods were then evaluated based on five key criteria: risk, efficiency, flexibility, ease of access, and technology transfer. Subsequently, the TOPSIS multi-criteria decision-making technique was employed for rigorous and scientific ranking of the alternatives. The findings from the TOPSIS model indicated that Build-Operate-Transfer (BOT), profit-sharing, and production-sharing agreements ranked first, second, and third respectively, emerging as the most suitable financing models for the country's current circumstances. The study concludes that under Iran's present economic conditions, policymakers should move away from debt-based financing and toward non-debt and joint-venture approaches. This strategy not only transfers financial and operational risks to the private and foreign sectors but also enhances the resilience of the oil industry against external pressures by facilitating technology transfer and establishing strategic partnerships.
Keywords
Financing Method
Downstream Oil and Gas
TOPSIS Decision-Making Method
Debt-Based and Non-Debt-Based Financing
Subjects
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  • Receive Date 24 November 2025
  • Revise Date 30 January 2026
  • Accept Date 14 March 2026