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12 February 2016, 19:09

EEU common gas market concept ready

MOSCOW, 12 February (BelTA) – The Council of the Eurasian Economic Commission approved the concept of the common Eurasian Economic Union market for natural gas during the session in Moscow on 12 February. The document on oil and oil products has not been approved yet, BelTA learned from Bakytzhan Sagintayev, Chairman of the Council, First Deputy Prime Minister of Kazakhstan.

According to the source, in line with the Eurasian Economic Union Treaty the common markets for natural gas, oil, and oil products are to be ready by 2025. “We still have time to agree all the necessary documents,” he said.

Member of the Board (Minister) for Energy and Infrastructure of the Eurasian Economic Commission Danil Ibrayev explained that the general concept for setting up the common market of oil and oil products is ready. The sides have yet to agree on pricing on the oil products market.

Speaking about the formation of the common natural gas market in the Eurasian Economic Union, the official stressed that it is a strategic matter for all the EEU member states. “The formation of the common gas market will make it more accessible, including the transport component,” he said.

Danil Ibrayev explained that in line with the common natural gas market concept national currencies will be used for mutual transactions. Apart from that, plans have been made to enable full-fledged access of the EEU member states to services of natural monopolies.

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