Who really owns Ukraine’s natural resources: the state, the oligarchs, or foreign capital?
13 April 14:14
YouControl has released a comprehensive study of the owners of special permits for the use of Ukraine’s subsoil resources
YouControl analysts have released a study on the ownership structure of companies holding special permits for subsoil use in Ukraine. The analysis showed that access to the extraction of Ukrainian minerals is effectively concentrated in the hands of state-owned companies, large financial and industrial groups, and businesses with foreign capital, reports
The study was conducted by the YouControl R&D Center based on the “List of Special Permits” published by the State Service of Geology and Subsoil of Ukraine.
Who holds subsoil licenses
According to analysts, 2,268 companies and 78 individuals hold the right to use Ukraine’s subsoil resources, collectively possessing 3,482 special permits.
As is traditional, the largest number of permits is concentrated among state-owned companies:
- Ukrgazvydobuvannya – 213 permits;
- Ukrnafta – 89 permits.
However, in addition to the state, large private business groups also control a significant share of the market.
The Largest Private Players
Among the corporate groups with the largest number of companies holding mineral extraction licenses, researchers highlight:
- SCM – 39 companies;
- Smart Holding – 17 companies;
- Zakhidnadraservice— 13 companies;
- Istvan – 12 companies;
- ATB – 11 companies.
Thus, a significant portion of Ukraine’s natural resources is controlled by large business structures, some of which are traditionally linked to Ukrainian oligarchic groups.
The Significant Role of Foreign Investors
The study pays special attention to foreign capital. According to the analysis, 351 companies holding special permits for subsoil use have co-owners from 51 countries around the world.
The most common foreign co-owners are representatives of the following countries:
- Cyprus—in 137 companies;
- the Netherlands—in 34;
- Switzerland – in 24;
- the United Kingdom—in 23;
- Germany – in 21.
In effect, this means that a significant portion of companies operating in the subsoil sector have an international ownership structure.
Who controls strategic minerals
Separately, YouControl analyzed companies with access to strategically important resources— titanium, graphite, zirconium, chromium, niobium, and other critical elements.
According to the study, the following private entities are particularly active in this sector:
- DF Group, owned by Dmytro Firtash;
- ATB Corporation;
- the ONUR Group.
Some of these assets are also controlled by the state, particularly through nationalized enterprises.
Conclusion
The YouControl study demonstrates: although Ukrainian mineral resources are formally owned by the people, actual access to their development is concentrated in the hands of state-owned energy companies, large private business groups, and entities with foreign capital.
Thus, the greatest control over Ukraine’s mineral resources today lies not with individual citizens or small businesses, but with large corporate players, some of whom have shaped Ukraine’s raw materials market for decades.
As reported by "Komersant Ukrainian", Russiais selling off the mineral resources of the occupied territories.
