Ukraine’s largest private energy company, DTEK, has responded to a report that the European Bank for Reconstruction and Development (EBRD) will not provide funds due to its ownership by oligarch Rinat Akhmetov.
DTEK said it was “disappointed” by the report, which was published in an Italian newspaper. The company described the comments as “inaccurate information about the company and its shareholder.” DTEK is owned by Akhmetov, Ukraine‘s wealthiest man.
The EBRD had stated that it would not provide funds to companies owned by oligarchs. However, DTEK said this was unfair, as it has invested $1.2 billion of its own funds to restore energy infrastructure in Ukraine. The company also produces 12% of Ukraine’s critical electricity.
DTEK is working with Western partners to integrate the country’s energy system into the EU and to restore infrastructure destroyed by Russia. The company thanked the EU and the U.S. for a decision to allocate 107 million euros to DTEK.
The EBRD responded, saying that its president did not mention Akhmetov’s name in an interview and did not link “compromises” to harming Ukraine’s chances of joining the EU. Instead, the bank said it was “vigilant” about the role of oligarchs in this context.
Akhmetov has lost a large part of his assets during Russia’s invasion of Ukraine. DTEK said that its shareholder is categorically not an oligarch after the adoption of the anti-oligarch law agreed upon with the European Commission.
DTEK hopes that the EBRD will further contribute to the restoration of Ukraine’s energy sector and is ready to work with the bank to secure peace and light in Ukraine.