ASTANA, Kazakhstan, February 29. The participation of Kazakhstan in the common market of energy resources of the Eurasian Economic Union (EAEU) will contribute to the stability of energy prices as well as help attract investment into the country’s energy sector, said the Ministry of Trade and Integration of Kazakhstan, Trend reports.
"Kazakhstan's participation in the common energy market will help to stabilize energy prices, attract investment into the country's energy sector, and reduce reliance on individual export markets, all of which will support the country's economic growth and development," the ministry said.
According to the ministry, the creation of a common market for gas, oil, and petroleum products in the EAEU is one of the important stages in the development of integration processes in the Eurasian space.
"The formation of common energy markets includes ensuring the free movement of energy resources across the territory of the EAEU member states, creating a competitive environment in the energy sector, ensuring equal access to the services of natural monopolies in the field of transportation and transit of energy resources, joint development of energy market infrastructure, and pursuing an agreed tariff policy," the ministry said.
As the ministry noted, within the framework of existing agreements, the creation of common markets for energy resources for the EAEU member countries was planned for 2025. "On March 4, 2024, the next meeting of the Advisory Committee on Oil and Gas under the Board of the Eurasian Economic Commission will take place. The EAEU member countries plan to discuss postponing the date for introducing a common market for gas, oil, and petroleum products since, at the moment, the developed draft regulations are at an insufficient level of readiness," the ministry added.