Ukraine’s largest industrial group, DTEK Oil & Gas, led by billionaire Rinat Akhmetov, is negotiating with the US‑Ukraine Reconstruction Investment Fund for financing of its high‑cost projects. The fund, backed by the US International Development Finance Corporation and Ukraine, seeded $150 million into critical minerals, hydrocarbons and infrastructure a year ago. DTEK seeks capital to rebuild assets damaged by war for.

$275 million bonds are central to the deal, as the company must obtain bondholder consent to shift project rights to special‑purpose vehicles. Rights partly sit with NGD Holding B.V., a restricted entity used for bond issuance, limiting new financing. Last week, DTEK asked to push bond maturity to Dec. 2029, allowing rights transfer under the same terms to support development.

Ukraine’s Ministry of Economy remains silent, while the National Bank’s capital controls block DTEK’s ability to move funds abroad, hampering debt repayment. The potential infusion from the Reconstruction Fund could unlock stalled projects and stabilize the company’s cash flow, but only after bondholder approval and regulatory clearance. Investors will watch how the deal unfolds for long‑term growth in the energy sector.