KIEV, Feb. 11 – Naftogazvydobuvannia, a private oil and gas producer controlled by DTEK, Ukraine’s largest energy group, will use proceeds from 1 billion hryvnia bond placement to develop oil and gas wells, the company reported.

At least 700 million hryvnias will be used for drilling and developing new wells and 300 million hryvnias will be used to repair and service existing wells, the company said.

"The oil and gas vision of DTEK faces the goal of covering the needs of SCM Group for natural gas, which amounts to six billion cubic meters a year. The realization of the investment program drawn up by Naftogazvydobuvannia for 2014 is a large step in this direction," reads the report, citing DTEK CEO Maksym Tymchenko.