Ukrainian energy giant says it's 'disappointed' by report on EBRD's refusal to fund it
Ukraine’s largest private energy company, DTEK, said on Nov. 26 that it was "disappointed" by a report that the European Bank for Reconstruction and Development (EBRD) would not provide funds to DTEK due to its ownership by oligarch Rinat Akhmetov.
The statement is a response to an article published by the Italian newspaper Corriere della Sera. The newspaper reported on Nov. 24 that Odile Renaud-Basso, the president of the EBRD, had said the bank would not provide funds to DTEK due to its ownership by Akhmetov.
The EBRD is one of Ukraine's largest institutional investors.
DTEK said it is "disappointed" by these comments, describing them as "inaccurate information about the company and its shareholder."
"The goal of freeing the economy from the influence of oligarchs is absolutely essential, and we have very firm ideas on this: it is part of the reforms that must be made for Ukraine to join the European Union. If we accepted compromises on this issue, we would harm the country's long-term prospects," Odile Renaud-Basso said.
DETEK also said that it is working with Western partners to restore infrastructure destroyed by Russia and to integrate the country's energy system into the EU.
In response, the EBRD said that Renaud-Basso did not mention Akhmetov's name in the interview and did not link "compromises" to harming Ukraine's chances of joining the EU.
"She stated that the bank is 'vigilant' about the role of oligarchs in this context," the EBRD added.
Akhmetov is Ukraine's wealthiest man, with vast holdings in mining and metallurgy. Formerly a lawmaker of the pro-Russian Party of Regions, the business tycoon has lost a large part of his assets during Russia's invasion.
DTEK said that the company, which produces 12% of Ukraine's critical electricity, "is not a monopoly under either Ukrainian or European legislation."
"Following the adoption of the anti-oligarch law, which has been agreed upon with the European Commission, the company’s shareholder is categorically not an oligarch," DTEK added.
DTEK also said that the company had invested $1.2 billion of its own funds to restore energy infrastructure and thanked the EU and the U.S. for a decision to allocate 107 million euros ($112 million) to the company.
Earlier this year Russian attacks destroyed 90% of DTEK's generation capacity during an aerial campaign that aimed to knock out Ukraine's power grid.
"The company hopes that the EBRD will further contribute to the restoration of Ukraine’s energy sector. DTEK is ready to work with the bank to secure peace and light in Ukraine," the statement read.
Dominic Culverwell
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