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The Russian economic development should be based on the model of “competitive import substitution”. The latter comprises among other things the most commercially effective projects supported by appropriate financing instruments. In order to succeed in object the present horizontal industrial policy accompanied by resource and budget constraints should be replaced by the policy of growth poles in specific sectors and regions. This approach is particularly effective in both the fuel and energy branches and the petrochemical industry. At present, a large-scale government program for the petrochemical industrial development is being implemented. In particular the program envisages formation of petrochemical clusters and the implementation of investment projects in these clusters. However, monitoring of this program’s activities revealed the impossibility of timely implementation of most projects due to the lack of finance. A methodology for selecting projects into the program (applied to petrochemical industry) is proposed. The proposed approach uses an expert system in which, along with standard

Prioritization as a way to select the most effective primary projects in the context of limited financial resources