KIEV, March 22 - Ukraine may raise up to $6 billion from selling a minority stake in national energy company Naftogaz Ukrayiny at a planned IPO, Energy and Coal Industry Minister Yuriy Boyko said Tuesday.

The proceeds will go to modernize the company and to upgrade its pipelines that move a bulk of Russian natural gas supplies to the European Union, he said.

“We plan to raise approximately $5-6 billion that will go for the development of the company, increase gas output in our country and to modernize gas transportation system,” Boyko said in a statement.

The comment comes a day after President Viktor Yanukovych came out in support of the plan for the IPO, which he said would help to improve the company and make its operation more transparent.