KIEV, Nov. 25 (Xinhua) -- Ukraine will study the possibility of exploring and developing gas resources on the Black Sea shelf, Prime Minister Yulia Tymoshenko said on Tuesday.

    "I would suggest we create one great project, which will include the whole shelf (of the Black Sea), and include all exploration and extraction," Tymoshenko told a meeting discussing infrastructure and energy issues.

    She said the project should be "a separate state program with its own accounts and with defined sources of financing, including via long-term credit from international financial institutions."

    Ukraine imports more than 70 percent of its gas from Russia.

    Russia's state gas company Gazprom warned on Saturday it would cut off gas deliveries to Ukraine on Jan. 1 unless Ukraine pays its gas debts and a new contract is signed.

    Russia's latest gas dispute with Ukraine comes amid the global financial crisis, which has affected both countries but hit especially hard in Ukraine.

    Ukrainian President Viktor Yushchenko last week asked Tymoshenko's cabinet to settle the debt with Russia as soon as possible and accused the government of making no effort to pay up.

    Gazprom said on Tuesday that Ukraine has agreed to pay back its part of gas debts by Dec. 1.