Ukrainian News Agency reported that Ukraine insists on establishing a tripartite gas transport consortium with Russia's and European Union's share in it being 33% each and Ukraine's one 34%.

Ukrainian President Mr Viktor said that "Such a division will ensure system's transparency."

According to Mr Yanukovych, creating the consortium will secure interests of Russia and the EU member states. He emphasized that Ukraine had never conducted negotiations on leasing its own gas transport system.

Mr Yanukovych noted Ukraine's substantial stake in the consortium was not to lose the status of the transit country.

The head of state also stressed this country's gas transport system needed modernizing that is estimated at USD 5 to USD 7 billion and could take from 5 to 7 years.

As Ukrainian News reported, Prime Minister of Ukraine Mr Mykola Azarov in January 2012 said the creation of the gas transport consortium with participation of Ukraine, Russia, and the European Union was the only possible option to settle the gas dialogue with Russia.

Ukraine has been pursuing revision of gas contracts with Russia of 2009 since summer 2011, but unsuccessfully.

(Sourced from www.un.ua)