Energy minister: Ukrainian GTS needs USD 2bn for modernization

To ensure the reliability of the Ukrainian gas transport system (GTS) it is necessary to invest about USD 2 billion over five years, Energy and Fuel Minister Yuriy Boiko said for the 5 Channel, UKRINFORM reported.

"And we will not take money anymore. Because these are actually loans and they must be also repaid sometime. We will take only as much money as we need to make the system work reliably and be economically beneficial," Boiko stressed.

The minister also said that currently negotiations are underway on the start of the GTS modernization. "Our country has fulfilled the requirement of funding for the GTS modernization - this is a law on liberalization of the gas market. We have actually done the European legislation. The President signed the law," Boiko recalled.

"We have adapted our gas market to European conditions, and in the near future we will join the European energy community," he said.

The cost of modernization of the Ukrainian gas transport system, which, inter alia, provides for increasing the capacity by 60 billion cubic meters of gas a year, was previously estimated by the Ukrainian government at USD 5.5 billion.

As UKRINFORM reported, Ukraine, Russia and the European Union will discuss at high level the issue of modernizing the Ukrainian gas transport system in the autumn.

The Ukrainian gas transport system is one of the largest in the world: its length is about 38,000 kilometers. The GTS provides annual supply of about 75 billion cubic meters of natural gas to domestic consumers and 110-120 billion cubic meters to consumers in 19 European countries.

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