EAEU common oil and gas markets start work in 2025
The common markets for oil and gas will start their functioning on January 1st, 2025 – as informed by the official representative of the Eurasian Economic Commission, Iya Malkina, during an online briefing
Photo: facebook account
"To date, concepts and programmes envisaging formation of common markets for gas, oil and petroleum products have been approved, while measures necessary to implement them are being realised,” Ms. Malkina stated.
She recalled that, during the Supreme Council meeting on October 14th, the heads of state decided to move on to the second stage of creating common markets for oil and petroleum products, “It envisages preparation of draft trading rules and exchange trading rules for these products by 2023. By 2024, an international agreement on formation of common markets for oil and petroleum products is to be developed.”
Ms. Malkina stressed that an international agreement on formation of a common gas market will be ready in 2022. It will primarily focus on pricing, exchange trade development and ensuring equal access to gas transmission systems.