The paper explores physical and chemical properties and composition of heavy oil from Yarega field and its vacuum residue, i.e. the tar. The capillary chromatography and gas chromatography-mass spectrometry were used to identify specific group hydrocarbon composition of heavy Yarega oil and components extracted therefrom, which has proven its belonging to highly resinous sulfurous naphthenic and aromatic oils. Based on the comparative analysis of composition and quality of feedstock a possibility has been assessed to produce a high-quality needle coke with low content of sulphur and metals from the heavy oil of Yarega field and its vacuum residue. An integrated process flow diagram for heavy Yarega oil refinement has been proposed, including preliminary deasphalting and demetallization, hydrotreatment, delayed coking and thermodestructive processes or gasification.