Kazakh Majilis approves ratification of agreement with Russia on oil and oil products supply

ASTANA. March 1. KAZINFORM The Majilis (lower chamber) of Kazakhstan's parliament approved a draft law 'On ratification of the Agreement between the Government of the Republic of Kazakhstan and the Russian Federation on trade and economic cooperation in oil and oil products supplies to Kazakhstan' on Wednesday.

The agreement was signed between the two countries' governments in Moscow on Dec.9, 2010. It defines the framework of trade and economic cooperation in the formation of common markets for oil and oil products and conditions for oil product supply to Kazakhstan to meet domestic needs in the volume in accordance with the indicative balance of oil and oil products approved by the parties, Kazinform cites TREND.az.

'Adoption of the agreement which will promote efficient use of the capacity of fuel and energy complexes of the parties to the agreement, will meet the needs of the parties in the oil and oil products industry on a priority basis', the conclusion of the Committee on Foreign Affairs, Defence and Security of the Parliament says.