The Eurasian Union intends to create its own oil market

For several years this project will be in development.

23.May.16 6:36 AM
By Johnatan Toadlicker
Photo Toinnov.com

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The Eurasian Union intends to create its own oil market

Yesterday, June 20, at a meeting in Yerevan of the heads of member countries of the Eurasian Union have agreed to establish its own oil market. It needs to be created by 2024, and while countries will develop common rules for access to systems of transportation of oil and petroleum products located on their territory.

In concept, adopted by the presidents of Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan, said:

"In the common market will create the conditions for effective non-discriminatory trade, removed barriers to entry to the stock exchange, provided the exchange of information on consumption, production, transportation, delivery, processing of oil and petroleum products, increased transparency in the pricing of crude oil and petroleum products".

The countries of the Eurasian Union will not charge fees to each other and will be able to engage in oil refining on the territory of any of the States included in education. Also in Yerevan voiced the need to establish trade relations between the EEC and China, and as quickly as possible, as China steadily strengthening its position.

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