This article is concerned with the problem of energy saving and energy efficiency increase in Russia’s petroleum refining industry. Power-intensive production is one of the petroleum refinery sector’s characteristics. The costs of fuel and energy resources are influenced by the production cost. This type of costs is found after the raw material costs in the cost structure in petroleum refining. The article deals with typical development trends of the Russian petroleum refining industry. Attention is drawn to the special aspects of energy consumption at Russia’s petroleum refineries. Lines of the energy saving and opportunities to increase energy efficiency are formulated. Different classifications of energy-saving measures are described in this text. The authors analyze the current approaches to the efficiency assessment of the resource and energy-saving projects for industrial enterprises. The authors of this article worked out a relative integrated index of the total effects due to the implementation of the energy-saving projects per 1 ruble of capital investments. In order to develop a portfolio of the energy-saving program, it is proposed to select a number of measures, ranking them according to the values of the worked out indicators. The best alternative of energy-saving measures implementation for the petroleum refinery is the decrease of energy consumption, reduction of the energy intensity of production, the potential increase in the yield of light petroleum products, fall of fees for the emissions into the environment and improving the financial and economic development level of the region as a result of an additional income to the regional budget. The original feature of the research is an enhancement of approach to the selection of the energy-saving projects to be implemented. This approach allows taking into account the particular characteristics of petroleum refining, which are energy saving, regional and environmental effects and the effect of quality.