Currently, the problems of environmental safety are facing society. The industry develops every year. In this critical economic situation, the oil industry is a stimulant for the economic sector in Azerbaijan. The level of development of this industry is also relevant due to other reasons: sociological, technological and features of the economy of Azerbaijan. The production activity of oil processing, concentrating harmful substances and energy, is a source of man-made danger and pollution of the natural environment. The risk management process mainly consists of three stages - risk safety analysis, risk assessment, which is carried out in comparison of calculated and actual risk levels, the so-called acceptable risk levels and the adoption of appropriate regulations and management decisions. One of the factors that should be taken into account when assessing risk and safety is to determine the necessary costs. Since these costs are paid directly to the company, they try to minimize them as much as possible, which reduce the accuracy of risk assessment. One of the objectives of the study is to determine the optimal value of the necessary costs. It is established that the less reliable the method, the lower is the cost of its implementation. The methodological basis of the work was scientific works on these problems of scientists-economists, mathematicians on safety and risk assessment at industrial enterprises. When developing the presented methodology, computational algorithms developed by Dow Chemical were used. This company has collected a large volume of material on accident statistics, taking into account damages. Based on the obtained and experimentally verified data, a system of indices has been developed, an assessment of various indicators for qualitative and quantitative risk assessment of oil refineries. The analysis of the technogenic danger of oil refineries makes it possible to determine ecological and economic losses and choose rational possibilities of acceptable risk. The required costs, depending on the level of risk, are determined based on an increase in the accuracy of calculating the probability of occurrence of the cause of risks. The article examines the relationship between the expected level of risk and economic losses during oil refining in separate technological units, which allow determining the required level of risk and the expected economic damage.