You're reading: No Gazprom-Naftogaz merger planned

Ukraine is not planning a merger of national oil and gas company Naftogaz Ukrainy with Russian gas giant Gazprom, Ukrainian President Viktor Yanukovych announced on Friday.

"We are not planning such a merger as Gazprom and Naftogaz Ukrainy," the president said at a press conference in the capital Kyiv.

Plans do call for "Gazprom and Naftogaz Ukrainy involvement in other joint projects such as modernizing Ukraine’s gas-transport system, in the development of certain deposits, and possibly in the extraction of oil or gas in various territories, including in Ukraine," Yanukovych said.