Ukraine to boost energy investments with minerals deal

"The United States-Ukraine Reconstruction Investment Fund is a significant step forward in the country's recovery from war," Timchenko told FOX Business. "It sends a strong signal to the world that Ukraine is open for business. "This agreement provides the framework to accelerate private investment into an energy sector with some of the largest untapped reserves in Europe," he added.

Timchenko arrived in Washington a few weeks before the signing of the agreement to hold talks with senior US officials about Ukraine's potential in untapped resources, especially oil and gas reserves in the west of the country.

The DTEK CEO believes that, given the experience of working with American companies, there are all the conditions necessary to expand private investments in Ukraine with the support of American institutions.

Earlier, DTEK, owned by Rinat Akhmetov, reached an agreement with American GE Vernova to build Ukraine's first digital substation.

Ukraine and US sign minerals deal

Ukraine's First Deputy Prime Minister, Minister of Economy Yuliia Svyrydenko, announced the signing of an agreement on subsurface resources with the US.

The deal involves the creation of an investment fund. 50% of budget revenues from rent payments, sales of special permits for the exploration and extraction of minerals, as well as other forms of subsurface use, will be directed to the fund.