EU to continue to help Ukraine to modernize its GTS

Ukraine remains an important gas transit partner and the European Union will continue to assist it in modernizing its gas transport system (GTS).

This is stipulated in a joint statement of Ukraine, represented by Ukrainian President Viktor Yanukovych, and the EU, represented by European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso, on the results of the EU-Ukraine Summit that was hosted by Brussels on Monday.

"[The leaders] also stressed the importance of Ukraine's Gas Transit System (GTS) for transporting gas to EU member states. The EU will continue its support for the modernization of the Ukrainian GTS as a key part of the European grid network, and support Ukraine in intensifying its dialogue with the International Financial Institutions in order to disburse the first loan for the emergency gas transit project "Reconstruction of Line Facilities of the Urengoy-Pomary-Uzhgorod Natural Gas pipeline, first stage," reads the document.

The sides also stated that, in this context, joint high-level roundtables would be organized to promote the development of a regional gas market involving the EU relevant countries, financial institutions and companies.

The sides also noted that recent investments by European energy companies in Ukraine were considered a positive development to link Ukraine to the European market.

"The leaders welcomed Ukraine's progress in implementing their obligations under the Energy Community Treaty and recognized that further efforts are required to implement all the obligations," reads the joint statement.

Ukraine and the EU also "agreed to further promote energy cooperation based on principles of solidarity and mutual benefit."

They also welcomed Ukraine's full participation in the nuclear "stress tests" on the basis of the EU specifications and looked forward to early finalization of the EBRD and Euratom loans for upgrading Nuclear Power Plants in Ukraine.