European financial institutions in June-July 2012 will earmark the first EUR 300 million of a loan for the project to upgrade the Ukrainian gas transit system (GTS), EU Energy Commissioner Gunther Oettinger said after a meeting with Ukrainian Minister of Energy and Coal Industry Yuriy Boiko on March 22 in Brussels, UKRINFORM reports.

"We have analyzed the situation, including at the level of expert advice, and approved a decision that the European Bank for Reconstruction and Development, the European Investment Bank and other participants will join the first project [reconstruction of the Ukrainian gas transit system - ed.] at the latest by June-July this year,” Oettinger emphasized.

He specified that it is about the first stage of reconstruction of the Urengoy-Uzhgorod-Pomary gas pipeline section, pursuant to which European financial institutions under the auspices of the European Commission plan to allocate EUR 300 million.

For his part, Boiko said that the Ukrainian side highly appreciates the support of Commissioner Oettinger in strategic matters, including the process of modernization of the Ukrainian gas transit system. "And we are ready to be partners with the European Union and our Russian partners and make the transit system more reliable, predictable and safer," the Ukrainian minister underscored.

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