ARMENIA, KAZAKHSTAN, KYRGYZSTAN, RUSSIAN FEDERATION, OTHER: Concept of Formation of the Oil and Petroleum Products Market of the Eurasian Economic Union (EAEU)

Meta Data
Title in national language: 
Концепция формирования общих рынков нефти и нефтепродуктов Евразийского экономического союза
Draft: 
No
Revision of previous policy?: 
No
Effective Start Year: 
2016
Scope: 
Multilateral
Document Type: 
Agreement, Other
Economic Sector: 
Energy
Energy Types: 
Oil
Issued by: 
Eurasian Economic Commission 
Notes: 
No English translation available
Source: 
Eurasian Economic Commission (RU)
File: 
Concept of Formation of the Oil and Petroleum Products Market of the Eurasian Economic Union (EAEU)(RU)
Overall Summary: 
The Concept of Formation of the Oil and Petroleum Products Market of the Eurasian Economic Union (EAEU) was developed in order to implement paragraph 2 of Article 84 of the Treaty on the Eurasian Economic Union of May 29, 2014 and is aimed at ensuring the formation by the member states of the Eurasian Economic Union of common markets for oil and petroleum products.
Pricing
Energy pricing: 
Pricing mechanisms in the common oil and oil products markets of the Union are formed taking into account the existing pricing mechanisms in the markets of the Member States and the stages of formation of common oil and oil products markets of the Union. Pricing in the common oil and oil product markets of the Union is formed on the basis of market mechanisms and fair competition. In order to ensure transparency of pricing, objective price indicators of the exchange and over-the-counter market are formed, along with mechanisms for collecting and processing information on over-the-counter market contracts. The principles of pricing are general regardless of the affiliation of economic entities to a particular Member State.
Energy Supply and Infrastructure
Regional integration priorities: 
The formation of common markets for oil and oil products of the Union is carried out in order to: ensuring sustainable development of economies, energy and environmental security of the Member States, taking into account the need to provide priority to the needs of the Member States in oil and oil products; increasing the economic efficiency of the activities of economic entities of the member states in the field of production, transportation, supply, processing and marketing of oil and oil products in the territories of the member states and the reliability of the functioning of the fuel and energy complexes of the member states; increasing the level of economic integration and competitiveness of the Member States and the Union as a whole in the world market.
Trade
Energy trade priorities: 
As part of the functioning of the Union's common oil and oil products markets, activities will be carried out in the following areas: mutual trade in oil and oil products between participants in the Union's common oil and oil products markets: under bilateral and other agreements; at the exchange trading. --- In order to promote the energy security of the member states and strengthen their positions in the world oil and petroleum product markets, the member states: formulate proposals for the development of documents in the field of transit of oil and oil products, taking into account the national interests of the member states; contribute to the implementation of large cross-border investment projects in the oil sector; contribute to a more effective positioning of the oil industry of the member states and the use of global value chains from oil production to the processing and sale of oil and oil products, an increase in the volume of transit of oil and oil products from third countries through the territory of the member states; form infrastructural, financial, economic and technical and technological conditions for expanding the participation of economic entities of the member states in international trade in oil and oil products.
Investment
Energy sector investment priorities: 
The Member States shall promote the attraction of investments in the fields of production, transportation, supply, processing and marketing of oil and oil products in the territories of the Member States in order to form and develop common markets for oil and oil products of the Union. Member states, through joint activities, shall promote: creating a favorable investment climate in the common oil and oil product markets of the Union, encouraging and protecting mutual investments; development of transport infrastructure.
Governance
National policy structure: 
Regulation of the Union's common oil and oil products markets is carried out in accordance with Union law and the legislation of the Member States and includes: regulation of the activities of subjects of natural monopolies in the field of transportation of oil and oil products; antitrust regulation; customs and tariff regulation; tax regulation; regulation of the derivatives market (exchange and over-the-counter); technical regulation; regulation of exchange trading in oil and oil products. In order to form and operate common markets for oil and oil products of the Union, the member states ensure interaction between the regulatory bodies of the member states and subjects of the common markets for oil and oil products of the Union.
M&E of policy implementation: 
Monitoring and information support of the Union's common oil and oil products markets will be implemented within the framework of the Union's integrated information system, created in accordance with paragraph 3 of the Protocol on Information and Communication Technologies and Information Interaction within the Eurasian Economic Union (Appendix No. 3 to the Treaty). The exchange of technological information between operators of oil and oil products transportation systems of the Member States will be carried out by mutual agreement between them in the amount necessary to ensure uninterrupted interstate transportation of oil and oil products. It is envisaged to create a common information space for the Union, including the mutual provision of relevant information on the functioning of financial markets and common markets for oil and oil products of the Union.