Subject. The article explores the problem of oil refineries modernization. Objectives. The study aims at analyzing the options for organization of works on restoration of fixed assets of oil producing enterprises and devising an algorithm for cost optimization. Methods. The study employs methods of complex and comparative analysis. Results. We developed an economic and mathematical model enabling to choose the optimal management decision for the restoration of fixed assets of oil producing enterprises, taking into account geographical and technological factors. Conclusions. The findings may be taken into account when devising development programs for strategically important enterprises in conditions of economic uncertainty.
Keywords: oil production enterprise, restoration of fixed assets, depreciation period, economic and mathematical model, subsidiary
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