DTEK starts oil production

A boy walks by an oil pump at sunset Monday, Jan. 18, 2016, in the desert oil fields of Sakhir, Bahrain. Iran is aiming to increase its oil production by 500,000 barrels per day now that sanctions have been lifted under a landmark nuclear deal with world powers, a top official said. (AP Photo/Hasan Jamali)

The DTEK company, owned by businessman Rinat Akhmetov, plans to drill the first oil well in its history by the end of the month.

This was reported by DTEK General Director Maksym Timchenko at a press conference on Wednesday.

“The first oil well will be drilled by the end of this month in the Poltava region. This is new for us. For the first time, when our company starts extracting oil. Accordingly, the entire infrastructure for this is being created so that we become a player on the oil market,” Timchenko said.

DTEK did not specify whether the company plans to engage in oil refining.

However, they announced the expansion of mining capacity, in particular, plans to purchase deposits in western Ukraine.

“When we resolve this issue, we will move on to the issue of investment in processing,” said the head of DTEK.

He also said that if this happens, the company will use the latest technologies in processing. Therefore, most likely, it will not consider the possibility of buying already existing refineries.