KIEV, June 19 - President Viktor Yanukovych on Wednesday denied speculation the government has been seeking to sell the country’s vast natural gas transportation system through privatization.

However, he said that cooperation with the European Union and Russia is needed to modernize the system.

"Actually, the word ‘privatization’ has never been used at any negotiations by anyone,” Yanukovych said at a meeting with political parties, the presidential press service reported.