Belarus, Kazakhstan and Russia to create common natural gas, oil market

Oil&Gas Materials 20 May 2014 14:47 (UTC +04:00)

Baku, Azerbaijan, May 20

By Elena Kosolapova - Trend:

The member countries of the future Eurasian Economic Union (Belarus, Kazakhstan and Russia) plan to create common natural gas, oil and petroleum products markets, Novosti-Kazakhstan reported with reference to the draft treaty on the Eurasian Economic Union creation.

The common markets will ensure unhampered access to the gas, oil and oil products transportation systems of all the member countries of the Union for the economic entities of the other member countries.

The three counties will sign an international agreement on this issue within the Eurasian Economic Union.

"Member States carry out the gradual formation of a common gas market in accordance with supplement No 22, taking into consideration the transitional periods envisaged by the paragraphs 4 and 5 of Article No. 104 of this treaty," the draft treaty reads.

Belarus, Kazakhstan and Russian will have access to gas, oil and oil products transportation systems located on the territories of these three countries on the basis of the common principles, conditions and rules.

Russian, Kazakh, and Belarusian presidents will sign the Eurasian Economic Union treaty in Astana on May 29, which should come into force on January 1, 2015.