Ukraine is relying on the European Bank...

Mykola Azarov met on Thursday a delegation from the EBRD led by Managing Director for Turkey, Eastern Europe, Caucasus and Central Asia Olivier Descamps.

"Our task is to modernize the [gas transportation] system so that our pipeline becomes the most profitable and efficient for pumping gas to Europe," Azarov said.

"It is a serious and important job and cooperation with your bank on this issue is very important to us."

Azarov said in March that Ukraine would have to raise at least $15-20 billion to modernize its gas transportation system.

Descamps said that the bank"s council of directors was interested in how Ukraine was planning to modernize its gas transportation system. He said energy saving was a foremost priority of the cooperation.

In March 2009, Ukraine"s previous government led by Yulia Tymoshenko signed a declaration with the EU on the modernization of its gas transportation system, a project which would not have involved Russia. However,

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