The formation of portfolio development strategy in the petroleum refining segment of an oil and gas holding

The article presents the urgency and complexity of managing the corporate business portfolio of an oil and gas holding. The choice of the GE / McKinsey matrix as the main instrument of portfolio analysis is proved, which is subject to further modification. The complexity of vertically integrated oil and gas holdings is indicated, which requires the necessity of the traditional (classical) methodological portfolio theory tools transformation for the specific needs of businesses in different stages of the technological process within the company. For the oil refining sector it is proposed to conduct the portfolio analysis using complex criteria that characterise the competitiveness of each existing oil refinery plant, as well as the indicator of the attractiveness of the region of the oil refinery plant location. The indicators of competitiveness should be: the profile of the plant, the quality of the crude oil, capacity utilisation, oil conversion ratio, output of light petroleum, the share of high-octane gasoline in the total output of gasoline, the share of clean diesel in its general release, the transport coefficient for the shipment of goods. It is expected to assess the attractiveness of the region by the index of favourable regulations for business, the level of taxation, the number of documents required for registration in export and import operations, the time and price parameters of export and import, the quality of trade and transport infrastructure, availability of labour force in the country, urbanisation level, the share of foreign direct investment in the total GDP (GRP), the efficiency of customs procedures, etc. Basing on our comparative analysis the thresholds for each indicator are given allowing to make a conclusion about the level of the final complex index (high, medium or low). The proposed guidelines were tested on data arrays of refineries within the holding structure of LUKOIL. It is recommended to use comprehensive indicators of competitiveness and attractiveness of the regions of refinery location as coordinates of business units position in the matrix. And to display each refinery in the matrix circles should be used with the diameter chosen in proportion to the primary processing of each refinery in the general corporate volume of primary processing. The portfolio matrix was constructed, allowing to determine the location of each refinery (business unit) for the general corporate portfolio and advise on building the investment strategy. It was advised to have a balanced approach to solving strategic issues, especially with regard to the business units recommended for the dissolution.

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