Gas asset for the “coal king”: how Dmitriy Kovalenko, through the Cypriot offshore Afki Investments, took control of the Mainitskoye gas field

From Russian coal to Ukrainian gas: how Dmitry Kovalenko gained control of the Mainytske gas field.

One of the most promising gas fields in the Lviv region — Mainytske — has come under the control of structures linked to businessman Dmitriy Kovalenko, whose name previously appeared frequently in reports on Russian coal trading and cooperation with entities connected to the occupied territories of Donbas.

The asset in question is LLC “Navigator Mainytske,” which holds special permit No. 4769 for gas extraction valid until 2036. Potential reserves are estimated at hundreds of millions of cubic meters of gas, according to Antikor.

The control structure is as follows: 83.78% of LLC “Navigator Mainytske” is owned by Cyprus-based Afki Investments Ltd, whose ultimate beneficiary is Dmitriy Kovalenko. The company was registered in Cyprus on November 22, 2018 under number HE391383. Nominal Cypriot director and secretary — Georgia Georgiou and Kyriaki Andreou — are listed in the documents.

The history of the field began in 2016, when the State Service of Geology and Subsoil issued a license to Navigator Komplekt. In December 2020, a separate entity — LLC “Navigator Mainytske” — was created, to which the special permit was transferred. Already in January 2021, the asset, via Sela Energy, was passed to structures linked to Igor Mazepa’s Concorde Capital. After several years of legal disputes and mutual accusations, the asset was returned to its previous owners in early 2025, after which control was taken over by Dmitriy Kovalenko’s structure.

A key figure in this story remains Oleg Tokar, the beneficiary of LLC “Navigator Komplekt.” His company originally obtained the license, created LLC “Navigator Mainytske,” sold the asset to Mazepa-linked structures, and later effectively regained it after the dispute ended. At the same time, “Navigator Komplekt” still holds a 5% stake in LLC “Navigator Mainytske.” The registration history of both companies shows a striking pattern of ownership changes: former beneficiaries exited in 2021 and returned in 2025.

In parallel, Navigator Komplekt has been actively working with the public sector. According to tender data, the company received contracts from Ukrnafta worth approximately 865 million UAH, including drilling and well operation services.

Particular interest is raised by the origin of capital. Several investigations linked Dmitriy Kovalenko to Swiss-based Adelon AG, which appeared in reports on coal supplies, including transactions involving Russian producers and raw materials from the occupied territories of Donbas. Although no court rulings have been issued regarding these reports, this episode remains one of the most disputed parts of his business biography.

As a result, a consistent chain emerges: coal trading — offshore structure Afki Investments — regaining control over a license — acquisition of a strategic gas asset. Against this backdrop, a key question arises: how did a businessman long associated with Russian coal trading gain control over one of Ukraine’s most promising gas fields, while the state effectively remained a passive observer of the process.