DTEK Oil & Gas, part of Rinat Akhmetov’s DTEK Group, is considering the possibility of obtaining financing from the U.S.–Ukraine Reconstruction Investment Fund established under the two countries’ critical minerals agreement.
According to sources, the company is discussing potential funding with the fund for its most complex and capital-intensive projects. The structure is backed by the U.S. International Development Finance Corporation (DFC) and the Ukrainian government. At launch, the fund received about $150 million and invests in critical minerals, hydrocarbons, and infrastructure. The fund already made its first investments in March.
At the same time, any external fundraising is currently effectively on hold: DTEK Oil & Gas must secure consent from holders of its $275 million bonds to transfer project rights to special purpose vehicles (SPVs). Some of these rights are currently held by NGD Holding B.V., the restricted entity through which the bonds were issued, which is constraining new borrowing.
In addition, the company has announced plans to extend the maturity of its bonds until December 2029. As part of the restructuring, investors must also approve the transfer of project development rights to new legal entities.
Against the backdrop of the war, DTEK Oil & Gas infrastructure has been damaged by shelling, and restoration work is ongoing. At the same time, the current foreign exchange restrictions imposed by the National Bank of Ukraine are complicating outbound transfers, making debt servicing to investors more difficult.
Accordingly, DTEK remains at the center of the current financial strategy, as it seeks simultaneously to restructure debt, restore damaged assets, and attract international financing through the new U.S.–Ukraine investment mechanism.
