EAEU member countries to delay creation of single oil and gas market

The Consultative Committee on Oil and Gas under the Eurasian Economic Commission Board is to hold a meeting on 4 March, Kazinform News Agency cites the Kazakh trade and integration ministry.

The meeting is set to discuss the formation of a single gas, oil and oil products market of the Eurasian Economic Union, including an analysis of the current state and defining further steps to promote cooperation in this area.

As part of the current agreements, the creation of a single energy resources (electricity, gas, oil and oil products) market of the EAEU member states was scheduled to begin in 2025.

The Union member states are to discuss delaying the time framework for formation of a single gas, oil and oil products market due to insufficient preparedness of the draft regulatory legal acts, requiring further consultations between the sides.

It was noted that the formation of a single gas, oil and oil products market is key to the Eurasian integration, leading to free movement of energy resources within the EAEU, creation of a competitive environment in the energy sector, equal access to natural monopolies’ services in energy transport and transit, joint development of energy market infrastructure and agreed tariff policy.

According to the Kazakh trade and integration ministry, the establishment of a EAEU single gas, oil and oil products market will allow Kazakhstan to stabilize energy prices, attract investment in the energy sector and reduce the dependance on certain export markets, contributing to economic growth and development.