Mansurov: Development of EEU common gas and oil markets is underway

The work on the development of the common markets of gas, oil and oil products has already been launched in the Eurasian Economic Union (EEU), member of the Board (minister) for Energy and Infrastructure of the Eurasian Economic Commission (EEC) Tair Mansurov told a press conference on 12 March, BelTA has learned.

The common markets of gas, oil and oil products will be fully formed by 2025.

According to Tair Mansurov, by the end of 2015 the Supreme Eurasian Economic Council is expected to develop and pass the concepts for the common markets of gas, oil and oil products in the EEU. The corresponding programs on the development of the markets will be developed and adopted in 2016-2017. The events under the programs will be implemented in 2018-2024.

According to the minister, for the more efficient use of the aggregate energy potential and the optimization of interstate supplies of energy resources, EEU plenipotentiaries will develop and coordinate on an annual basis indicative (forecast) balances of gas, oil and oil products. All necessary methodology has already been developed. It will be adopted before 1 July 2015.

Tair Mansurov also stressed that the creation of the common markets of gas, oil and oil products does not mean that the prices on them will be equal in all the EEU countries. The final price will be affected by indirect taxes and excises that differ in the EEU member states. In his words, the same situation can be seen on the EU markets.

The development of the common markets of energy resources will help improve the security and reliability of the fuel and energy complexes of the EEU countries, create conditions for enhancing the provision of energy resources and securing a more favorable environment for investment in energy facilities.