Minister of Energy of the Russian Federation Nikolai Shulginov and Minister for Energy and Infrastructure of the EEC Arzybek Kozhoshev discussed the formation of common markets for natural gas, oil and oil products

The Minister of Energy of the Russian Federation Nikolay Shulginov and the Minister for Energy and Infrastructure of the Eurasian Economic Commission Arzybek Kozhoshev discussed the preparation of international agreements on the formation of a common gas market and a common market for oil and oil products of the Eurasian Economic Union as part of a working meeting.

“In the context of global economic challenges, the need to form common energy markets remains one of our most important tasks within the Union. It is necessary to continue step-by-step work to achieve this goal by 2025, this will create a fertile ground for deeper economic integration of the EAEU countries, strengthen the energy security of our countries and expand access to energy resources in the face of instability in foreign markets and rising prices,” Nikolai Shulginov emphasized.

Work on the formation of common energy markets for electricity, oil and oil products, as well as natural gas of the EAEU countries is carried out within the framework of the Treaty on the Eurasian Economic Union of May 29, 2014. Earlier, the Supreme Eurasian Economic Council approved the relevant Programs for the formation of common markets of the EAEU countries by 2025. The convergence of regulation in the energy markets will significantly increase their accessibility for all categories of consumers from the EAEU member states, expand sales markets for independent producers and strengthen the energy security of countries, this will also significantly increase the trade turnover of the Union countries.