Yanukovych suggests using Ukrainian storage facilities as gas exchange trading hub

Ukrainian could offer its underground gas storage facilities as the foundation for a new exchange market for gas once they have been modernized, Ukrainian President Viktor Yanukovych said.

"On what principle will the storage facilities work? We are also thinking about this now. Perhaps they will work according to the gas exchange principle. It could be a sort of spot market in Eastern Europe," Yanukovych told a press conference.

"Not just countries or large enterprises with long-term contracts with gas suppliers but also smaller enterprises could buy gas from these facilities," he said.