Ukraine should invest in the Russia-led Nord Stream gas pipeline project, Viktor Yanukovych, the frontrunner of the recent presidential vote in Ukraine, said on Tuesday.

The Nord Stream pipeline is designed to pump gas from Siberia to Europe under the Baltic Sea, bypassing East European transit countries. It is being built jointly by Gazprom, Germany's E.ON Ruhrgas and BASF-Wintershall, and Dutch gas transportation firm Gasunie at an estimated cost of $12 billion.

"Ukraine should enter the consortium now involved in the Nord Stream project. We will make this bid," Yanukovych said in an interview with a regional TV station.

The construction of the 1,220-km (760-mile) pipeline is scheduled to begin in April 2010, with the launch of the first leg slated for late 2011. The second leg is to be finished by 2012.

Yanukovych, who is leading in the presidential poll with 35.34% of the vote, said that he would start talks with Russia on a "just price" for Russian gas if elected during the February 7 runoff.

He also pledged to improve Ukraine's image of an unpredictable partner in Europe-bound energy transits.

Russia, which supplies around one quarter of Europe's gas, briefly shut down supplies via Ukraine's pipeline system at the start of last year amid a dispute over unpaid bills and new prices.

The conflict was resolved when Russian Prime Minister Vladimir Putin and his Ukrainian counterpart Yulia Tymoshenko, who will also participate in the Ukrainian presidential runoff, reached a deal on gas imports and transit in mid-January 2009. Under the deal, Ukraine will pay $305.2 per 1,000 cu m of gas in the first quarter of 2010.

KIEV, January 19 (RIA Novosti)