News

Arzybek Kozhoshev, Minister in charge of Energy and Infrastructure of the Eurasian Economic Commission, and Bolat Akchulakov, Minister of Energy of the Republic of Kazakhstan held a working meeting to consider the matters of establishing common EAEU markets for energy resources. The negotiations were held in Nur-Sultan (the Republic of Kazakhstan) on September 8.

Arzybek Kozhoshev noted the need for a joint discussion and elaborating mutually agreed solutions for the remaining unresolved issues of common energy markets. "In doing this, it is extremely important to maintain the balance of interests of all countries of the Eurasian "five"," indicated he.

The Ministers held a substantive discussion on interstate transportation in the common oil and petroleum products markets of the Union, the importance of which is determined by specifics of cross-border transportation of oil and petroleum products especially relevant for the Republic of Armenia as it does not have common borders with other Member States of the Union.

Moreover, the Ministers continued discussing the main issues of establishing a common gas market of the Union related to the possibility of using national currencies for gas settlements of economic entities; the voluntary take-or-pay and transport-or-pay principles within the Union's common gas market; the priority use of internal gas resources; as well as managing the document flow.

In the course of negotiations, there was an exchange of opinions on choosing trading platforms (operators) that would be tasked with organizing centralized trade in electric power under fixed-term contracts and on a day-ahead basis in the Union's common electric power market.

The talks were conducted in preparation for a meeting of the Eurasian Economic Commission Council to be held on September 23 in Moscow where it is planned to consider drafting international oil and gas treaties and to identify centralized electric power trade operators.

Besides, during their visit Arzybek Kozhoshev and Vadim Zakrevsky, Director of Energy Department, went to Kazakhstan Electricity and Power Market Operator, JSC where they explored the principles of organizing centralized electric power trade in Kazakhstan. This trading platform was proposed by the Republic as the centralized trade operator in the EAEU common electric power market.