Our Eastern neighbor is ready to take part in the modernization of the Ukrainian gas transportation system as it has all the opportunities for this, Russian Energy Minister Sergey Shmatko has noted.

He reported in Yalta on Friday that the problem of modernizing the Ukrainian gas transit system had not been raised at talks earlier held between the Russian and Ukrainian Prime Ministers.

"As far as we know, the Ukrainian party has adopted a very firm position on this issue, stating that Russia could undoubtedly participate in the gas transportation system modernization under the terms not worse than European companies," Shmatko admitted.

He said that Russia has all the opportunities for this goal – a large experience of constructing and operating such gas networks. Asked to comment on the details of Russia's possible participation in the project to modernize Ukraine's gas transit system, Shmatko reported that "there's currently no feasibility study for the project," and added that the price of "this modernization was estimated in Europe at EUR 6 billion."

"We guess that the final modernization of the Ukrainian gas transportation system will have much higher price," he said.

Shmatko also mentioned that Russia wants to get to know the conditions for its participation in this project.

"We want Ukraine's gas transportation system to work properly and are ready to spend money for this. But it is quite necessary to realize at what expense. The Ukrainian side has a constructive position that the gas transportation system is the ownership of Ukraine," he said.