You're reading: Europe may decide on investing into Ukrainian GTS modernization in June or July

EU Commissioner for Energy Guenther Oettinger believes that the international financial institutions will be able to make a decision about investing in the modernization of the Ukrainian gas transportation system (GTS), in particular in the first project in June or July this year at the latest.

"We have a good expert assessment (for the GTS modernization), and now we, the European Bank for Reconstruction and Development, and the European Investment Bank have to make a decision. 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," the European Commissioner told Ukrainian journalists after a meeting in Brussels with Fuel and Energy Minister of Ukraine Yuriy Boiko, which ended late on Thursday, March 22.

When asked, whether the first stage of the modernization, which involves upgrading the Urengoi-Pomary-Uzhgorod gas pipeline will cost EUR 300 million, Oettinger answered in the affirmative. "It is a process that consists of several projects, but this sum indeed corresponds to the module," he said.

According to the commissioner, during his meeting with Boiko they discussed issues of long-term partnership and upgrading the existing gas transportation system for the long-term use, which is one of the principal issues.