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14 October 2021, 18:49

Minister: Prices in EAEU gas market will not fluctuate as in Europe

MOSCOW, 14 October (BelTA) – Gas prices in the common market of the Eurasian Economic Union will not be subjected to the fluctuations as in Europe, Member of the Board - Minister for Energy and Infrastructure of the Eurasian Economic Commission Temirbek Asanbekov told the media following the meeting of the Supreme Eurasian Economic Council, BelTA has learned.

"Pricing in the EAEU common gas market will be based on market principles, i.e. on the basis of supply and demand," the EEC minister said. “Plans are in place to use exchange trade and antimonopoly regulation as the main tools. The combination of these factors gives certain guarantees that the gas price will not be subjected to the fluctuations likes the ones we are currently seeing in Europe.”

There are also long-term bilateral agreements Russia concluded with Belarus, Armenia and Kyrgyzstan. The agreements determine gas prices, Temirbek Asanbekov said. “In general, the development of the gas market is a new window of opportunity, which can be used, among things, to stabilize the energy situation in the EAEU countries and to ensure energy security of each country,” he stressed.

“The work on the draft gas agreement continues. So far it has not yet been finalized,” the EEC minister said.

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