Top managers of public joint-stock company Ukrtransgaz and representatives of financial institutions on September 29 and September 30 held negotiations on the modernization of the Urengoi-Pomary-Uzhgorod gas pipeline.

The press service of Ukrtransgaz reported that representatives of the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) took part in the meeting.

Along with industrial and technical tasks, the meeting participants discussed issues linked to the fulfillment of social requirements in the realization of the project.

As reported, the top-priority projects on the modernization and reconstruction of Ukrainian gas transport system are the western (Soyuz, Urengoy-Pomary-Uzhgorod and Progress gas pipelines) and southern (Yelets-Kremenchuk-Kryvy Rih, Ananiev-Tiraspol-Izmail gas pipelines) transit corridors.

Ukraine in summer 2011 officially announced the start of the fundamental modernization of its gas transport system using own funds, which will tentatively cost $5.3 billion and could be made in five or seven years.

Investment in the first phase of this reconstruction is estimated at $519 million. The plans call for securing $154 million each from the European Bank for Reconstruction and Development (EBRD) and European Investment Bank, while another $211 million will come out of national Ukrainian oil and gas company Naftogaz Ukrainy's own coffers.

The Ukrainian section of the Urengoy-Pomary-Uzhgorod gas pipeline is 1,160 kilometers long and 1,420 millimeters in diameter.