European Investment Into Ukrainian GTS Expected by Summer

European Commissioner for Energy Guenther Oettinger has said that a decision on investment into the Ukrainian gas transportations system (GTS) could be reached by this summer.

Speaking after a meeting in Brussels with Ukrainian Minister for Energy and Coal Industry Yuriy Boiko yesterday night, the EU Commissioner said that all parties involved in the investment wished to reach a decision by June or July.

"We have a good expert assessment and now we, the European Bank for Reconstruction and Development, and the European Investment Bank have to make a decision," he said. "We have agreed that yes, we want to come to a decision, to decide that the first module should be started in June or July of this year at the latest."

An initial €300 million was already designated for the first stage of modernisation, the Urengoy-Uzhgorod-Pomary gas pipeline, he confirmed.

"It is a process that consists of several projects, but this sum indeed corresponds to the module."

Minister Boiko said that Ukraine was looking forward to working with the EU and the various financial institutions to improve the country's gas system.

"We are ready to be partners with the European Union and our Russian partners and make the transit system more reliable, predictable and safer," he said.