OREANDA-NEWS. July 05, 2010. At a joint press conference with U.S. Secretary of State Hillary Clinton, President of Ukraine Viktor Yanukovych suggested that Russia and the EU created a joint company to build a new pipeline across Ukraine. He said that Ukraine expects its partners in the European Union and Russia to respond to this proposal.

"As regards to the gas transportation system, we have our own Ukrainian concept we have shared with our partners and colleagues from the European Union and Russia. This concept involves establishing a joint company with participation of the EU countries, Russia and Ukraine. We intend to build a new gas pipeline, which would provide additional supply of gas to Europe across Ukraine," said the President.

According to the Head of State, Ukraine must be a reliable supplier of hydrocarbon energy resources to the European Union. President Yanukovych has assured that the Ukrainian side will do everything to ensure that both gas and oil transportation systems of Ukraine worked effectively and reliably and provided the necessary supplies of hydrocarbon fuels to Europe.

Regarding the proposal to establish a joint company to build a gas pipeline across Ukraine, the President has stressed that the calculations show that this idea will be attractive and competitive. "We are now expecting answers from our partners and transparent procedure of decision making," added Viktor Yanukovych.

The President has also noted that Ukraine is in favor to modernize the Ukrainian gas transport system jointly with our foreign partners. "This upgrade will ensure stable and reliable operation of the entire system and allow increasing volumes of the transported gas," he said.