EAEU Continues Moving Toward Single Energy Market Despite Complex Talks - EEC

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EAEU Continues Moving Toward Single Energy Market Despite Complex Talks - EEC

The countries of the Eurasian Economic Union (EAEU) are continue moving toward the establishment of a unified energy market in spite of having complicated talks, and aim to conclude a relevant agreement by 2025, Fedor Chernitsyn, the Eurasian Economic Commission (EEC) official, said

MOSCOW (UrduPoint News / Sputnik - 20th March, 2019) The countries of the Eurasian Economic Union (EAEU) are continue moving toward the establishment of a unified energy market in spite of having complicated talks, and aim to conclude a relevant agreement by 2025, Fedor Chernitsyn, the Eurasian Economic Commission (EEC) official, said.

"In energy sector, ... the movement is toward the creation of unified markets of energy resources ... [EAEU member states] adopted documents of the first and the second level, namely the concept for the establishment of these markets and programs for their formation. The discussion around these programs was very complicated, but the presidents [of the EAEU countries] approved them," Chernitsyn, who is the assistant minister in charge of Integration and Macroeconomics of the EEC, told reporters on the sidelines of Doing business with the Eurasian Economic Union conference in Washington.

The EEC official added the adopted programs should be implemented "step by step, so that by 2025 we could conclude an agreement ... that we are launching unified energy markets."

The EAEU comprises Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan. The treaty establishing the EAEU came into force in January 2015. According to the EAEU official website, its member states produce some 634.2 million tonnes of oil and about 744.7 million cubic meters of natural gas.