Eurasian Economic Union envisages to create common oil and oil products markets by 2025

10/11/2017 14:26 Oil Market

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The Eurasian Economic Union countries (Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan) have elaborated a program for joint oil and oil products markets by 2025 year, according to Finmarket reports. 

The program includes the application of common trade regulations in petroleum exchanges and price-making principles for transporting petrol and oil products via block pipelines.

 
The program has been designed by RPI Company and was supported by the intergovernmental council of the Eurasian Economic Commission. 


Access to common oil markets will be facilitated to Eurasian Economic Union member states, as all the barriers will be removed, and restrictions lifted. The partners will no longer pay customs fees, taxes and commissions for the joint market. 

 

Also, the nations will collect for each other statistical data on production, refinement, furnishing and consumption of oil and petroleum products.

 
The program includes a common energy space and transparent petrol exchange, as well as out-of-petroleum-exchange indices, and an instrument of enforcing deals in the joint area. 
 

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