KIEV -- Ukraine and Russia have agreed to create a joint stock company to develop transit pipelines carrying Russian natural gas to Europe through Ukrainian territory, officials in Kiev said Monday. The weekend agreement signed in Kiev by Russia's Gazprom and Ukraine's Ukrhazprom firms also set a schedule for Kiev to pay off more than $800 million it owes Russia for gas. The two agreed to pave the way for Ukrainian firms to make direct agreements with Gazprom for gas supplies. Officials did not say what stake Ukraine and Russia would each have in the planned joint stock company. Ukraine plans to repay some of its debt with manufactured goods and housing for employees of Russia's gas industry. Ukraine depends on Russia for 90 percent of its oil and gas but supplies have been disrupted by rows over payment arrears. It consumes about 100 billion cubic meters of gas annually.
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