Energy Headlines

Under no circumstances current government would allow giving up ownership of Ukraine's gas transit system in exchange for favors in certain contracts, said President Viktor Yanukovych at his today’s press conference.

"We were never up to that and would never allow such thing to happen," emphasized Viktor Yanukovych.

He also said it is necessary to modernize Ukraine’s gas transit system in order to increase transit of gas through Ukraine. According to him, this project is separated into three stages.

First, Bohorodchany-Uzhhorod gas pipeline will be constructed to increase transit by 10 billion cubic meters.

The second stage includes modernization of the existing transit system: replacement of the old equipment with new, more economical, thus, increasing the transit by 20-25 billion cubic meters.

In the final stage of modernization, new lines will be built in addition to those existing, allowing further increase of transit.

"We offer this as an alternative to construction of the South Stream, for the construction of the Nord Stream is already going on. So now we are looking for an opportunity to negotiate Ukraine at least keeping the transit amounts, current transit system is capable of," summarized President Yanukovych.

Source: Official website of the President of Ukraine