LLC Panyelskaya Oil and Gas Company was founded in 2012 by the mother company - RING OIL HOLDING AND TRADING LIMITED. And the Refinery of the fuel profile began operation the same year of its foundation when the crude unit was launched. The volume of the Refining output is 3,300 thousand tons per year with 8,760 working hours. The plant is located in the city of Ukhta, Republic of Komi, in close proximity to the oil-trunk pipeline. Products are sold both in the Russian Federation (Siberian Federal District, Far Eastern Federal District) and in the CIS countries, the Baltic States, the Netherlands, Germany, China, Korea and Japan, etc.

In 2012, the annual production capacity of then-refinery was 225.000 tonnes. Our focus is to try to fill the spare capacity with third party gas.  Unlocking this potential is critical to our ability to grow stakeholder value. In 2017, a modernisation of refinery was initiated. A new processing line, fully modernized, was put into operation, with annual processing capacity of 1.2 million tonnes. The following object have been fully reconstructed or newly built:

• Testing and preparation for operation of "old line" whose capacity is 1.2 million tons/year,
• Reconstruction of "New line",
• Modernization and certification of laboratory,
• Reconstruction and modernization of transport infrastructure, and
• Over 30 investment projects, which are a part of total plant modernization at the Refinery.

In 2018, an atmospheric residue vacuum distillation section was commissioned with an estimated capacity of 1,650 thousand tons / year. The oil refining efficiency at this stage is 74%.
On March 5, 2021, the Integrated Plant for the Processing of Directly Distilled Gasoline Fractions UK-1 was put into operation, which made it possible to establish the production of class 5 motor gasoline TR TS 013/2013, GOST R 51105-97.

The construction investment of the second stage of the Panyelskaya Oil and Gas Refinery amounted to 35 billion rubles.