Detailed analysis and the role of import-replacement for oil and gas machinery building in Russian Federation has been done in the paper. Definition of the import-replacement term has been clarified for oil and gas machinery building. Comprehensive review is presented for one of the import-replacement mechanism – localization. A set of recommendation is listed to ensure success of the import-replacement program in Russia.

For the industries of the fuel and energy complex amid the modernization and innovational development the import replacement program is viewed as the main mechanism for implementation of the Energy Strategy of Russia till 2030 [Minutes of the meeting of the Government Commission on High Technology and Innovations dated August 3, 2010 No.4; Energy Strategy of Russia till the period of 2030].

Currently it is possible to define to main systematic existing risks for the economic security of the Russia oil and gas machine engineering. Firstly, inability to provide the customers in the Russian Federation with the basic range of modern products with full production cycle organized within our country (immediate threat). Secondly, low level of innovations and technologies used for development and production of devices.

One of the methods of facilitation of the economic growth and industrial development in the oil and gas machine engineering is import replacement focused on the replacement of the foreign equipment by similar domestic one.

There are many definitions of "import replacement" [Baranov E.F., 2013; Berezinskaya O.B., Vedev A.L., 2015; Volkodavova E.V., 2009; Zaitsev D.N., 2002; Kadochnikov P.A., 2005; Marketing: Dictionary. Moscow: Economy, 2000; Nazarchuk E.N., 2007; Raizberg B.A., Lozovsky L. Sh., Starodubtseva E.B., 1999; Smirnov D.A., 2012; Starovoitova O.V., 2011; Suchkova N.A., 2009; Kalashnikova T.M., 1990; Faltsman V.K., 2015]:

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