KIEV, Aug. 2 – Investment of $1.2 billion in the modernization of the Ukrainian gas transportation system will allow up to 1.5 billion cubic meters of gas to be saved every year, according to Fuel and Energy Minister Yuriy Boyko has reported.

"We need to replace pipelines worth $300 million over three years, and another $800 million will be spent on replacing 60 gas pumping units and infrastructure. This will save up to one bcm of gas this year, and 500 million cubic meters of gas in 2011. As a result, we will burn not four but three bcm of gas bought from Russia to pump gas to Europe," he said in an interview with the Segodnya newspaper.