The Ingushetia oil industry dates back almost 200 years and is one of the oldest in Russia. For the first time, oil began to be extracted in the village of Voznesenskaya in 1823 by hand — they scooped it with buckets from the oil wells and took it out for processing to the world's first Dubinin brothers’ oil refinery (near Mozdok).
The industrial development of oil deposits began only in 1933. On August 24 the first oil fountain struck from well No.13 from the depth of 1.180 meters. This day is considered the day Malgobek oil field development. The powerful fountain of oil (500 tons per day), obtained from well No.6/2 in the same year played a big role in Malgobek growth. The whole country built the city and oil fields. Since 1935 sinking of wells was growing and by 1940 it reached 6020 meters per month setting the All-Union record.
In 1936 the Malgobek oilmen produced 1 million 243 thousand tons of oil, and by the beginning of 1941 production of “black gold” increased significantly to 1 million 325 thousand tons.
During the Great Patriotic War the work of the oil industry became a matter of life without exaggeration. Despite the fierce battles for Malgobek, Ingushetia became one of the most important donor regions to the front.
In 1942 the Malgobek oilmen were awarded the Order of Lenin by the Decree of the Supreme Soviet of the USSR for supplying the front with fuel. At the same time they were among those who defended their city from the fascist invaders. In the subsequent years of Soviet power our oilmen were the leaders of production.
After formation of the Republic of Ingushetia in 1992, the difficult 90s and early 2000s, a new rise in the oil industry of the region began. On March 1, 2011 at the general meeting of representatives of Rosneft Oil Company OJSC and the Ministry of Property Relations of Ingushetia, RN Ingneft OJSC was established (since 2013 RN Ingushneft JSC). The technical formation of the Company took place on the material basis of the property complex of Ingushneftegazprom OJSC.
In March 2021 the Company Rosneft sold its controlling parcel of shares in 51% of Centergeko Holding LLC.