Energy holding DTEK plans to become a player in the Ukrainian oil market and is starting oil production in Poltava region, its CEO Maksym Timchenko said at a press conference on Wednesday.

“The first oil well will be drilled before the end of this month in Poltava region. This is new for us. The first time our company is starting to produce oil. Accordingly, all the infrastructure for this is being created so that we become a player in the oil market,” Timchenko said.

At the same time, he noted that the company plans to engage in oil refining.

At the same time, he pointed out that the volumes of the deposit acquired by the company two years ago at an auction are small enough to build its own processing, however, it is making plans to expand capacity, including the purchase of deposits in western Ukraine.

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

At the same time, according to him, the company wants to use the latest technologies in refining, so, most likely, it will not consider the possibility of purchasing existing oil refineries.

He promised to talk in more detail about the new direction early next year.

In total, according to Timchenko, DTEK invested more than UAH 20 billion in all areas of business in 2023 - both in restoration and development.