A meeting of the Council of Heads of Authorized Energy Authorities of the Member States chaired by Arzybek Kozhoshev, Minister in charge of Energy and Infrastructure of the Eurasian Economic Commission, was held on May 30.

During the meeting, the heads of the energy ministries of the Eurasian Five countries discussed relevant matters related to the establishment of common markets for oil and petroleum products.

Arzybek Kozhoshev noted the readiness of the parties for constructive dialogue: "The search for solutions to sensitive issues will continue both bilaterally and at a higher level in order to sign an international treaty on oil and petroleum products as soon as possible."

The heads of the authorized authorities of the EAEU countries proposed to strengthen interaction within bilateral consultations on settling individual issues of the common energy markets functioning.

Also at the meeting, the proposal of the Ministry of Energy of the Republic of Kazakhstan was discussed to make amendments and additions to the Treaty on the Eurasian Economic Union dated May 29, 2014, in terms of the common electric power market of the EAEU, involving significant changes in approaches to the functioning of the Union common electric power market.

The meeting participants pointed out the need for a thorough elaboration of the issue with a mandatory financial and economic assessment of the risks envisaged by the Republic of Kazakhstan and the sufficiency of instruments to protect domestic energy markets in the current conditions.

Arzybek Kozhoshev noted significant positive results in the establishment of the common electric power market of the Union, "By now, almost entire regulatory framework for the functioning of the market has been approved, and the Accession Agreement with regulations has been prepared to a large extent. It is necessary to intensify the work on the establishment and functioning of the market, which is crucial for integration aspects, including due to the extensive influence of the electric power on the real sector of the economy."

After the Kazakhstani party submits the information necessary for analysis, the experts will re-consider the proposal.