To improve efficiency of innovative processes management across petrochemical companies, it would be necessary to arrange for systematic and continuous analysis of innovative approaches implementation effectiveness. The proposed by the authors model of Integrated Innovation Sustainability Index calculation could be used for both assessment of the significance of a particular innovative solution or project, and assessment of innovative growth of a company as a whole. The innovative solution sustainability index is supposed to be calculated using the multidimensional average formula as an integrated index of a set of indicators, including generalizing indicator of economic sustainability, generalizing indicator of social sustainability, generalized indicator of environmental sustainability. Each generalizing indicator of innovative solution sustainability includes a number of particular indicators. It should be noted that the indicators above listed may vary depending on the nature of the industry, specific features of the enterprise, as well as market trends. Given that the model of calculation of the said Index takes into account not only economic effect indicators, but also the social and environmental spheres, the approach would be conducive to broader understanding of how effective, useful, successful and environmentally safe are the innovative approaches or innovative activities carried out by a petrochemical business.