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The Washington Post: In the Ukraine war, a battle for the nation’s mineral and energy wealth

11 August 2022, Ukraine
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The Washington Post: In the Ukraine war, a battle for the nation’s mineral and energy wealth
The Washington Post: In the Ukraine war, a battle for the nation’s mineral and energy wealth
Subscribe to our news linkedin

«Moscow has ... sought to flood some captured coal mines to render them useless should Ukraine regain lost territory. They are just trying to destroy our economy»,

- Maxim Timchenko for The Washington Post.

Here are the key messages:

  • “Those that left to fight at the front are fighting for us down here,” said Yuri, a 29-year-old excavator operator. “We need to get as much coal as we can. The country needs it”;
  • “russian occupation of Ukrainian territory has direct implications for Western energy security,” said Robert Muggah, SecDev co-founder. “Unless the Europeans can rapidly diversify oil and gas sources, they will remain highly dependent on Russian hydrocarbons”;
  • Dmytro, a third-generation miner, led a crew of 157 before the war. A third of them have since enlisted as soldiers. “We have to stop the occupiers from reaching us,” he said.

“The russians don’t just steal our resources. They destroy everything in their path”

  • The losses, if permanent, would compel what’s left of Ukraine to realign its economy. The possible upside: a modernization that could make its dated steel plants more efficient and greener. Early estimates suggest the price tag for rebuilding the broader economy range upward of $750 billion.

The Washington Post

DTEK Group is the largest private investor in Ukraine’s energy sector, with 55,000 employees and over €12 billion of capital invested since 2005.

Our businesses generate electricity at wind, solar and thermal power plants; distribute and supply power to end consumers; extract natural gas and coal; trade energy resources on Ukrainian and foreign markets; and provide domestic and commercial energy services.

Over the last 20 years, DTEK has grown into a national energy leader and is today transforming into a pan-European clean energy business.

Since the full-scale invasion of Ukraine in 2022, DTEK Group has restored power to millions of consumers across regions affected by hostilities.

DTEK Group is 100% owned by SCM Holdings. The ultimate beneficiary and sole shareholder is Rinat Akhmetov, a businessman and philanthropist.