Ukrainian President Viktor Yanukovich has given assurance to Austrian officials that his country is willing to maintain close ties with Europe, said the foreign ministry in Vienna. A ministry spokesman said that Yanukovich have told them that they have not at all turned their back on Europe. They are looking forward to continue close operation instead.

A historic new alliance with its western neighbors was spurned abruptly by Ukraine on Thursday. Ukraine suspended an imminent trade pact with the European Union. It also said to again start talks on a deal instead with Russia.

President Viktor Yanukovych is on a visit to Austria for meeting with authorities. He will be staying there for two days.

Welcome ceremony is scheduled for 11:30am local time. The head of state will also be participating in extended negotiations of the Ukrainian and Austrian delegations.

Ukrainian President Viktor Yanukovych said that Ukraine has immense interest in increasing oil and gas production. "Austria has such experience, and we are inviting Austrian companies to negotiations with such world leaders as Chevron, Shell, ExxonMobil, and so on. We're waiting today for Austrian businesses to hold such negotiations", he added.

Austrian Federal President Heinz Fischer responded by saying that both the countries are keen on developing cooperation in the energy sector.