National joint stock company Naftogaz Ukrainy says the estimation of Ukrainian gas transportation system, including underground storages and infrastructure facilities, will be completed by the end of July 2012, the chairman of the company Vadym Chuprun told journalists Monday.

According to Chuprun, the estimation of GTS is necessary for creation of the three-partied consortium on management and modernization of GTS, as well as for avoiding any speculations during negotiations on 'gas issues'.

As a reminder, 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.

"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.

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