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Date of opening of EEU single oil market becomes known

The Council of the Eurasian Economic Commission approved the draft decision of the Supreme Eurasian Economic Council On the Formation of Single Oil and Oil Products Markets of the Eurasian Economic Union. Press service of the EEC reported.

According to it, the draft decision will be submitted to the heads of state of the Union for consideration. Recall, the initial draft was approved by the presidents in October, but then it was sent for the finalization to agree on the remaining differences.

The general market of oil and petroleum products of EEU should appear in 2025.

«After approval by the heads of state, we will proceed to implementation of the program. As a result, there will be a transition to market pricing, fair competition and non-discriminatory access to markets. A special place in the program is given to the organizations of exchange trade,» Adamkul Zhunusov, Member of the Board (minister) for energy and infrastructure of EEC said.

The document contains more than fifty measures — from harmonization of the legislation of the countries of the Union in the oil sector to the development of software and hardware complexes of exchange traders and clearing organizations necessary for the implementation of stock trading in oil and oil products.