KYIV, Nov 22 - Ukraine expects to extend the gas transit contract for another 15 years, confirms its readiness to pump volumes in excess of 40 billion cubic meters (bcm) at low rates, Prime Minister Denys Shmyhal said.

"For us, the ideal period is an extension of 15 years. An appropriate proposal was made by Ukraine: we are ready to increase transit by another 55 billion cubic meters and are ready to transit this volume at half the price of the existing contract," he said in an interview with Radio Svoboda.