Analysis of Investment Projects for the Modernization of Russia's Oil Refining Complex in Context of International Competition

The thesis contains 65 pages, 2 tables and 9 charts. Key words: oil refining in Russia, independent oil refining companies, refinery modernization, investment projects in oil refining The object of the study is the development process of independent oil refining in Russia. The aim of this work is to assess the economic efficiency of investment decisions by independent refiners and analyze the impact of tax reforms in the oil sector on their behavior. In the framework of the thesis, the concepts of tax system transformation of the of the oil industry were studied in order to improve the efficiency of the use of natural rent and the activities of companies in the field of production and processing. The statistical data of extraction of oil raw materials and its processing were analyzed, emerging trends were considered. In the course of this study, the following main points were identified: 1. In the post-Soviet period, most of the new oil refineries were built as business projects by companies not associated with the extraction of petroleum products; 2. The activity of new enterprises as well as constructed in Soviet times, economically unprofitable from the point of view of social welfare; 3. A clearer positioning of the oil refining industry future, expressed in the policy of "tax maneuver", formed an understanding of the business need to increase the depth of processing to preserve the positive values of the margin of processing; 4. The more specific prospects of the oil refining industry expressed in the policy of "tax maneuver" formed the understanding of the business about the need to increase the depth of processing to preserve the positive values of the margin of processing; 5. The set of installations chosen by the owners is not the best under conditions of complete cancellation of the state support; 6. Business representatives have formed expectations of maintaining state support for the oil refining industry to varying degrees.