Russia's gas monopoly Gazprom reacts to Ukraine's preliminary election results LONDON - Russia's Gazprom would be prepared to consider a possible investment in Ukraine's gas pipeline system if invited to do so, the company's deputy chief executive said on Tuesday.

Russian newspaper Kommersant reported on Tuesday that Viktor Yanukovich, who won a narrow majority in Ukraine's presidential elections on Sunday, had invited Gazprom to participate in upgrading the Ukrainian gas pipeline system.

Gazprom Deputy Chief Executive Alexander Medvedev said he was unaware of the offer except from the newspaper report but added that the pipelines needed upgrading and Gazprom would be interested in participating.

"Gazprom would be prepared to consider it and study it," he told reporters at a press conference in London. Medvedev said any investment would not replace the need for Gazprom to develop the South Stream pipeline, which aims to transport Russian gas to Europe via a route that bypasses Ukraine.