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This report is devoted to Thermo-Oxidizing Cracking (TOC) of oil residues – the new method of conversion of mazut (atmospheric residue) and tar (vacuum residue) into the more valuable products (light fractions and bitumen). TOC is carried out in a presence of oxygen which is highly efficient initiator of radical processes. TOC process runs in a mixed-flow reactor at 430-450 °C and 4- 10 bar. Parameters of TOC process were optimized on the bench-scale installation having capacity of 3 kg of raw material per hour. TOC technology provides conversion of mazut into about 70 % of motor fuel fractions and 25 % of bitumen or into 50 % of motor fuel fractions and 45 % of furnace fuel depending of customer’s desire. Vacuum residues can be converted by TOC into 35% of light fractions and 60% of bitumen. The advantages of TOC are that its efficiency is higher then one of visbreaking and that existing visbreaking installations can be easy modified into TOC installations.