Coal businessman Kovalenko invests Russian funds in gas extraction in Ukraine

Coal businessman Kovalenko invests Russian funds in gas extraction in Ukraine

The owner of Adelon AG, Dmytro Kovalenko, is investing funds obtained from the sale of Russian coal into gas extraction in Ukraine.

During 2021-2022, the Swiss company Adelon AG was the largest coal buyer from the Russian company "MelTEK". According to customs statistics, it purchased this commodity for more than 87 million USD. Adelon AG also imported coal from other Russian companies, such as "Sibenerhougol" and "Sibpromnedra". Together, this amounts to over 100 million USD. Even after the full-scale invasion of Russia into Ukraine, these trading operations continued, at least until August 2022.

In February 2025, another Cypriot company, whose final beneficiary is Danyil Kovalenko, – Afki Investments Ltd – joined the founders of LLC "Navigator Maynitske", obtaining a controlling stake of 83.7%. This LLC has the right to develop the Maynitske gas field in the Lviv region.

The field itself is not particularly large, but it became known due to a loud corporate conflict that lasted for more than two years between the previous owners: investment banker Ihor Mazepa on one side and structures from the orbit of former deputies Vitaliy Danilov and Ihor Kotvitskyi on the other.

In January 2025, the parties finally reached a settlement, and in February the entire asset went to the Kovalenko dynasty.

At that time, Kovalenko and his son, as minority owners, also joined the founders of the service company "Navigator Invest", which develops oil and gas fields. If this is a system, their next acquisition should be LLC "Navigator Komplet" – one of the largest drilling companies in Ukraine, which at the same time retains a small stake in the capital of LLC "Navigator Maynitske" – 16.22%.

Another mineral that Dmytro Kovalenko became interested in even before the full-scale war began is amber.

Companies affiliated with him – "Granoil", "Drevstectechnology", and "Ecotechbud" – received permits for exploratory work on several plots in the Zhytomyr region, totaling an area of over 450 hectares. However, the business did not "take off".

Therefore, the activities of "Granoil" have been suspended, "Drevstectechnology" is undergoing bankruptcy proceedings, and the permit of "Ecotechbud" has been challenged by the General Prosecutor’s Office.

There remains only the "Yelne" plot in the Sarnenskyi district of the Rivne region (516.43 hectares), which in 2023 was purchased at an auction for 6.58 million UAH by the company "Electron Stone".

Its sole beneficiary is Klymenko Yevhen Ihorovych. A person with the same full name is currently a co-owner of two coal enrichment plants – "Shakhtarskaya" and "Anthracite", operating respectively on the territory of the DPR and LPR.