The process of producing C5+ hydrocarbons, including unsaturated ones, on a zeolite-containing catalyst Сo-Al2O3 /SiO2 /ZSM-5/Al2O3 in flow and flow-circulation modes of operation at a temperature of 250 °C, a pressure of 2.0 MPa, GHSV 1000 h–1 has been studied , H2 /CO ratio = 1.70 in the source gas and circulation ratios of 4, 8 and 16. It was determined that the process indicators (selectivity and productivity for C5+ products) pass through a maximum at a circulation ratio of 8. The use of gas circulation in comparison with flow synthesis mode allows you to regulate the composition of products. An increase in the circulation ratio in the range of 4–16 leads to an increase in the proportion of formed olefins with a hydrocarbon chain length containing 5–20 carbon atoms, from 53.9 wt.% up to 65.7 wt.%. The use of a zeolite-containing catalyst intensifies the formation of C8–C12 alkenes in comparison with the Co-Al2O3 /SiO2 catalyst by 3,3 times – the content increases from 13,5 wt.% up to 44.2 wt.% at similar values of circulation ratio, pressure and H2 /CO ratio = 1.70 in the source gas. It was found that as the circulation ratio increases, the rate of deactivation of the zeolite-containing catalyst decreases, which may be caused by a decrease in the partial pressure of water in the reaction volume.