"Investment projects on the modernization of the Ukrainian gas transit system requires much less money than the construction of new gas pipelines bypassing Ukraine," Naftogaz of Ukraine deputy CEO Vadym Chuprun said at the VIII International Forum "Gas of Russia 2010" in Moscow, according to UKRINFORM.

On the eve of the trilateral meeting Ukraine-Russia-EU in Brussels on November 22, 2010, which will discuss the modernization of the Ukrainian gas transit system (GTS), Chuprun expressed hope that there will be greater clarity in what pace, strength and resources the transit system will be modernized, "since Ukraine does not have sufficient funds".

The creation of a gas consortium to modernize the Ukrainian gas transit system, according to Chuprun, seems most promising.

As First Deputy Prime Minister Andriy Kliuyev earlier said, Ukraine is still interested in creating a consortium to upgrade its gas transport system.

Ukraine's gas transportation system is the second-longest in Europe and one of the largest in the world.

Throughput capacity on the border of Ukraine with Russia is 288 billion cubic meters, on Ukraine's border with Poland, Romania, Belarus, Moldova - 178.5 billion cubic meters, including with the EU countries - 142.5 billion cubic meters.

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