Deadline for launching common gas market in Eurasian Economic Union might be revised

The Eurasian Economic Commission (EEC) announced that the deadline for establishing the common gas market in the Eurasian Economic Union might be adjusted. The decision on this issue is the prerogative of the heads of state, the EEC press service told BelTA following the meeting of the advisory board to discuss the unsettled provisions of the draft agreement on the formation of the EAEU markets for oil and petroleum products, as well as efforts to create a common gas market.

“As for the common gas market, approaches have been agreed to implementing the first and second stages of the formation of the common market, including adjustment and extension of the deadlines for a number of activities. As practice has shown, the completion of such events directly depends on the signing of a fundamental document - the international agreement on the formation of the EAEU common gas market, which will determine the fundamental principles of its functioning. Since the time-frame can be changed only by decision of the heads of state of the Eurasian ‘five', it is possible that this matter will be brought up with them,” the EEC informed.

The participants of the meeting discussed in detail the documents that are being developed to launch energy markets. In particular, there are plans to continue negotiating the priority access to services for the transportation of oil and petroleum products with the authorized bodies of Kazakhstan and Russia.

The process of creating common energy markets encompasses three stages. The international agreement on the formation of common markets is to come into force during the final stage or by 1 January 2025. This agreement will spell out the details of creation and functioning of common markets. The formation of common markets and the harmonization of national legislations are carried out taking into account the fundamental principles of the Treaty on the Eurasian Economic Union, the concept and program of the formation of common markets for oil and petroleum products, a common gas market,” the EEC informed.