Belarus, Russia, Kazakhstan may form common oil and gas market by 1 January 2015

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MOSCOW. February 6. KAZINFORM The common oil and gas market of Belarus, Russia and Kazakhstan may be created by 1 January 2015, Minister of Energy and Infrastructure of the Eurasian Economic Commission (EEC) Danial Akhmetov told reporters following the first session of the EEC Oil and Gas Consultation Commission which took place in Moscow on 6 February, Kazinform has learned from BelTA.

The minister stressed that the oil and gas industry is one of the global priorities of the three member states of the Customs Union and the Single Economic Space. "Resources in this industry are our major competitive edge in the global economy," Danial Akhmetov said.

"There are two very important agreements in the industry, namely the agreement on the organization and development of the common market of oil and oil products and the agreement on the access to the gas infrastructure. We have discussed development of these agreements at the session," Danial Akhmetov said.

As far as these are basic agreements, they cannot regulate all the nuances, Danial Akhmetov remarked. The minister said that participants of the session have discussed unified rules of access to the oil and gas systems, the unified method of evaluating their technical and available capacity, methods to form indicative balances of energy resources of SES countries.

According to Danial Akhmetov, the two agreements are the so-called platform to develop the legal framework of the Eurasian Economic Union by 1 May 2014.

The minister said that within the framework of the SES the common oil and gas market "operates to a certain extent on the basis of intergovernmental agreements". "The common oil and gas marked can be formed by 1 January 2015," Danial Akhmetov said.

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