Importance The petrochemical industry is one of the most rapidly developing and highly efficient sectors of the world economy. A dedicated long-term State program intends to boost the national industry and implies creating regional clusters and implementing large-scale projects. Objectives The study aims to develop an approach enabling the use of investment program optimization technique to create a portfolio and select top priority projects under scarce financial resources. Methods The study draws on methods of project management, investment program optimization, and selection of priority projects in conditions of limited financial resources. Results I analyzed clusters and large-scale projects recommended by the State program for petrochemical industry development in terms of their supply with raw materials, infrastructure facilities, sales of products, considering the scarcity of resources. The paper includes top priority projects that are selected using the recommended methodology and results of monitoring the program implementation under limited resources. Conclusions and Relevance The paper defines priority petrochemical projects in the Volga and West Siberian clusters that can ensure rapid development of the industry.
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