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EAEU continues work on creation of common energy markets

The Eurasian Economic Commission (EEC) continues to interact with member countries to create common oil and gas markets. Press service of the EEC reported.

At a meeting of the specialist advisory committee, representatives of the five countries considered the uncoordinated provisions of the draft agreement on the formation of the EAEU oil and oil products markets, as well as the implementation of measures to create a common gas market. Both documents are aimed at deepening integration in the Eurasian Economic Union. The meeting was chaired by the Minister for Energy and Infrastructure of the EEC Temirbek Asanbekov.

The parties discussed in detail the various provisions of the regulatory documents that are being developed to launch the markets.

In particular, as for sensitive issues of the priority of providing access to services for the transportation of oil and oil products, it is planned to continue negotiations with the authorized bodies of Kazakhstan and Russia.

With regard to the union’s common gas market, approaches have been agreed for the further implementation of the first and second stages of the formation of a common market, including in terms of adjusting and extending the deadlines for a number of measures. As practice has shown, completion of such events directly depends on the signing of a key document — an international treaty on the formation of a common gas market of the union, which will determine the fundamental conditions for its functioning.

«Since adjusting of the timing is possible only by decision of the heads of state of the Eurasian member states, it is possible that such a topic will be proposed to them for consideration. In general, creation of common markets is carried out in three stages. The final third — until January 1, 2025 — envisages the entry into force of an international treaty on the formation of common markets, which should reflect the key issues of its creation and functioning. The work on the formation of common markets and the harmonization of national legislation is carried out taking into account the basic principles stipulated by the Treaty on the EAEU, the Concept and the program for the formation of common markets of oil and oil products, a common gas market,» the EEC said.