OREANDA-NEWS. March 26, 2012. Question of allocation of IFI loans to Ukraine for modernization of GTS and, above all, for implementation the project of reconstruction pipeline "Urengoy - Pomary - Uzhgorod" should be decided by June-July 2012.

This was announced by European Commissioner for Energy Gunter Oettinger during a conversation with Minister of Energy and Coal Industry of Ukraine Yuriy Boyko in the framework of the visit of Ukrainian delegation to the meeting of Ukraine-EU on energy cooperation, held on March 22, 2012 in Brussels (Belgium).

"We have good analysis and expert opinions on the gas transmission system. Now turn to us - the EBRD, EIB, World Bank and all the shareholders – to make a decision. We want to make this decision until June-July at the latest, "- Gunter Oettinger said.

During the meeting the Ukrainian side presented state plans of GTS modernization and stressed the need for allocation by international financial institutions promised funds for the modernization of GTS in accordance with the previously reached agreements.

Thus Yuriy Boyko thanked Gunther Oettinger for support in addressing strategic issues and assured readiness of Ukraine to respond for Europe's energy security in gas transit issue.

"We are grateful to Mr. Oettinger for the support on strategic issues, including modernization of our pipelines. We are ready to be partners with the European Union and Russia and make the gas transportation system more reliable, predictable, and so ensuring energy security of Europe ", - Yuriy Boyko said.

The Minister said that the international consultant - the company Mott MacDonald has already prepared a feasibility study of reconstruction of gas transport system of Ukraine.

"The first phase will cost about 300 million euros, it is funding the reconstruction pipeline "Urengoy - Pomary - Uzhgorod", - Yuriy Boyko said.

During the meeting, European Commissioner for Energy also suggested that for successful cooperation in the transportation of gas to Ukraine, Russia and the EU should establish a trilateral partnership.