OREANDA-NEWS. February 06, 2012. Ukraine conducts no negotiations on renting its gas transportation system, President Viktor Yanukovych said in an interview with the German Sueddeutsche Zeitung.

According to the President, Ukraine’s "fundamental interest" is to avoid losing the status of transit country. "We are doing our best to continue being a reliable partner, especially for the EU," said Viktor Yanukovych.

At the same time, the President said that the Ukrainian gas transportation system needs modernization, whose costs are estimated to be USD 5 to USD 7 billion, and the time needed for the work is from 5 to 7 years.

"Therefore, we would like to return to the previously discussed concept of a trilateral gas consortium, which would take into account the interests of both Russia and the EU. The modernization will also allow expanding the transportation capacities significantly. This is more profitable for all the participants, than building new additional systems," Viktor Yanukovych stressed.

President Yanukovych expressed the opinion that such a consortium would be a fair distribution of assets with Russia and the EU getting 33 percent, and Ukraine – 34. "This distribution would ensure the transparency of the system," he said.

Viktor Yanukovych stressed that Ukraine had signed a gas agreement with Russia that is extremely unfavorable, and the price of USD 516 per 1000 cubic meters of gas is unfair. "In the long run, the price threatens the national security of Ukraine. It disadvantages our producers at the international markets," said Viktor Yanukovych.