Dramatic changes in the global energy market due to COVID-19 pandemic, the OPEC+ agreement, and increasing rates of green energy share in the world community have brought negative effects on the oil sector. In the long term, oil will reduce its importance as an energy resource, but for many years, it will continue to play a significant role in the world of energy. The oil industry has huge potential in terms of technical expertise, management, and financial resources to reduce its greenhouse emissions and ensuring an affordable availability of predictable energy. However, nowadays this sector has lost investing attractiveness. It is an interdisciplinary problem with a solution at the intersection of different stakeholders’ interests. The article is a review one and devoted to the issue of the implementation a public-private partnership (PPP) as a key tool that allows the use of the state and the business’ available resources to achieve the sector’s sustainable development and investment attractiveness. Research and analysis of PPP were based on foreign and domestic literature, using classification and generalization methods, retrospective and critical analysis. This paper contains identified groups of drivers, constraints, and recommendations for further successful PPP implementation in the Russian case.

This article is review one and discusses the development trend of Russian oil industry, in particular, the oil refining sector. Nowadays, the Russian oil refining complex is characterized by insufficient volumes of secondary oil refining by selling low value-added products to the domestic and foreign markets, lagging behind in technical and technological development. The existing modernization process is lengthy and requiressignificant investments. This article also discusses ways out of the current situation of underinvestment of processing facilities. So, as measures that increase the investment attractiveness of refineries, one can distinguish such as: increasing the stability of tax legislation, eliminating price distortions, improving the quality of products, expanding export opportunities. However, the key decision may be the use of the public-private partnership method-the conclusion of quadripartite agreements with the authorities.