KIEV, January 31 (RIA Novosti) - Ukraine's anti-monopoly committee approved Tuesday the formation of a gas distribution joint venture with Russia to supply gas to Ukrainian customers.

Oleksiy Kostusev, the chairman of the committee, said the venture would be called Ukrgasenergo and would receive the rights to supply and distribute natural gas in Ukraine for five years.

The committee's decision allows the Ukrainian government to sign an agreement between the national joint stock company Naftogaz and gas supply company RosUkrEnergo to form a joint venture.

"The entry of a new market player that supplies natural gas to industrial enterprises will boost competition," Kostusev said.