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EAEU countries discuss common power market
Discussing conceptual issues on two international treaties that should be adopted for creating common markets for gas, oil and petroleum products took place at the venue of the Eurasian Economic Commission involving Temirbek Asanbekov, EEC Minister in charge of Energy and Infrastructure, and deputy ministers of relevant departments of the EAEU Member States.
It bears reminding that earlier, the EAEU Concept and Program for forming common markets for oil and petroleum products were approved at the level of Heads of State of the Eurasian "five" countries. The same package of documents has been adopted for the common gas market. Adopting international treaties on forming the EAEU common markets for gas, oil and petroleum products will become the next important stage. This is required to build a common legal system for starting common markets.
The work on forming common markets and harmonizing national legislation is carried out with due regard to the basic principles provided for by the Treaty on the EAEU. One of the key ones includes ensuring market pricing for oil and petroleum products and increasing its transparency. The common markets should start operating since January 1, 2025. The consultation was held as part of preparing to the EEC Councils’ meeting scheduled for September 14.
