5 Aug 2022 15:01

EAEU agreement on common oil, petroleum products market practically ready - Eurasian Economic Commission

MINSK. Aug 5 (Interfax) - An agreement on the common oil and petroleum products market of the Eurasian Economic Union (EAEU) is practically ready, the Eurasian Economic Commission said in a statement on Friday.

"The energy ministers of the five member states have had a detailed discussion of outstanding aspects of the international agreement on the EAEU common oil and petroleum products market at talks on August 4. Eurasian Economic Commission Minister for Energy and Infrastructure Azyrbek Kozhoshev, who chaired the meeting, said that the document was practically ready," the statement said.

Kozhoshev "underlined the importance of the constructive dialogue and the need to focus on closer interaction between relevant agencies in reconciling the outstanding provisions of the agreement," it said.

These include the order and priority of access to oil and petroleum products transportation, specifics of interstate transportations, and oil transportation services, the statement said.

"The heads of respective agencies agreed on certain aspects of the access to oil and petroleum products transportation systems, including the technical capacity for transportation, at the meeting. The sides brought their positions closer on terms of the provision of services," it said.

The international agreement lays down principal terms of the EAEU common oil and petroleum products market. The market will be formed in three steps. The agreement will take effect at the final, third stage, which ends on January 1, 2025. The common market will be formed and national laws will be harmonized with due account of the basic principles of the EAEU Treaty, and the concept and the program of the formation of common gas, oil and petroleum markets.