Oil refining industry, development, management, investments.

Present article is dedicated to the analysis of problems of the oil industry of Russia and is aimed at the development of a mechanism for its growth. The research is based on the results of the economic analysis that has been carried out on the basis of statistical data from the government and major oil companies as well as on the basis of analytical reports of independent companies. Among the main identified problems of the oil refining industry it can be mentioned following problems: insufficient volumes of raw material processing, lack of refinery capacities, remote location of oil extraction and refinery plants from the end users and unbalanced tax system in the industry. Specified problems are being solved on the level of companies and the state that brings results, however, there is no clear development mechanism of the oil refining industry so far. The authors suggest a development scheme for the Russian oil refining industry implying cooperation of businesses and the state. The implementation of the proposed scheme will ensure the investments for the extension of production and obtaining a product with a higher added value as well as increasing the competitiveness of the Russian oil products.