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

Meta Data
Title in national language: 
Программа формирования общих рынков нефти и нефтепродуктов Евразийского экономического союза
Draft: 
No
Revision of previous policy?: 
No
Effective Start Year: 
2018
Scope: 
Multilateral
Document Type: 
Programme
Economic Sector: 
Energy
Energy Types: 
Oil
Issued by: 
Eurasian Economic Commission 
Source: 
Eurasian Economic Commission (RU)
File: 
Program for the Formation of a Common Oil and Petroleum Products Market of the Eurasian Economic Union (EAEU)(RU)
Overall Summary: 
The Program for the Formation of a Common Oil and Petroleum Products Market of the Eurasian Economic Union (EAEU) was developed in accordance with Article 84 of the Treaty on the Eurasian Economic Union dated May 29, 2014, taking into account the provisions of Article 79 of the Treaty, the Protocol on the procedure for organizing, managing, functioning and developing common oil and oil products markets (Appendix No. 23 to Agreement) and the Concept for the formation of common markets for oil and oil products of the Eurasian Economic Union, approved by the Decision of the Supreme Eurasian Economic Council dated May 31, 2016 N 8.
Energy Supply and Infrastructure
Regional integration priorities: 
5. As a result of the implementation of this Program, common markets for oil and oil products of the Union will be formed, non-discriminatory access of economic entities of the Member States to the common markets for oil and oil products of the Union will be ensured. 6. Within the framework of the common markets for oil and oil products of the Union, a single exchange space will be formed, transparent exchange and over-the-counter price indicators on the common markets for oil and oil products of the Union will be provided, non-discriminatory access of economic entities of the Member States to exchange trading in oil and oil products will be provided, and the mechanism for the execution of transactions (contracts) made within the framework of a single exchange space. 7. Development of common markets for oil and oil products of the Union will further strengthen international cooperation between the Union and the member states with participants in the world market for energy resources, including through an increase in trade turnover and attraction of foreign investment. 8. The formation of common markets for oil and oil products of the Union will lead to further economic development of the member states, strengthening of energy security and an increase in the competitiveness of goods of the member states in the world market of energy resources.
Trade
Bi- and multi-lateral energy agreements: 
3. The objectives of this Program are: 1) ensuring the readiness of the member states of the Eurasian Economic Union (hereinafter, respectively, the member states, the Union) for the participation of subjects of the oil and oil products markets of the member states in the common oil and oil product markets of the Union, including the creation of legal and economic conditions for the functioning of common markets oil and oil products of the Union; 2) ensuring the creation in the member states of the conditions necessary for the implementation of an international treaty on the formation of common markets for oil and oil products of the Union, which shall enter into force no later than January 1, 2025.
Governance
National policy structure: 
11. The Commission and the member states develop acts on the formation and functioning of the Union's common oil and oil products markets.
M&E of policy implementation: 
24. Mechanisms for monitoring the functioning of the Union's common oil and oil products markets include, inter alia: 1) development and approval of indicative (forecast) balances of oil and oil products of the Union; 2) development of forms and procedures for monitoring the functioning of the Union's common oil and oil products markets.
Statistics collection and management: 
28. The information exchange system is implemented within the framework of the integrated information system of the Union in accordance with Articles 23 and 24 of the Treaty, the Protocol on Information and Communication Technologies and Information Interaction within the Eurasian Economic Union (Appendix No. 3 to the Treaty), the Protocol on the Procedure for the Formation and Distribution of the Official statistical information of the Eurasian Economic Union (Appendix No. 4 to the Agreement), as well as in accordance with Sections VIII and X of the Concept.