Khristenko: Common gas and oil markets will become operational by 2025

Common gas and oil markets will become operational no later than 2025, Chairman of the Board of the Eurasian Economic Commission Viktor Khristenko said after the extended session of the Supreme Eurasian Economic Council in Minsk, BelTA has learnt.

“Common gas and oil markets will become operational no later than 2025,” Viktor Khristenko said.

According to him, the common electricity market will be launched a little earlier, because the preparation for it was in progress for two years. In 2016, the presidents will approve the concept for each of these markets: oil, oil products and gas. The program to develop these markets will be approved in 2018. According to Viktor Khristenko, in order to launch the common markets the three countries will need to sign international treaties which are set out in the draft Treaty on the Eurasian Economic Union.

“By 2025 the issues related to cooperation in the area of oil, oil products and gas will be settled in line with the current agreements signed in 2010 and in correspondence with the additional bilateral agreements that will be signed to secure a cooperation status satisfying all the parties for the whole period of the common market development,” the official said. He added that they will be in force until new agreements on the common market of oil, oil products and gas take effect. “If it happens before 2025 which is possible according to the agreement, they will come into force earlier,” he noted.

Viktor Khristenko stressed that this basic structure of the energy market is envisaged in the draft Eurasian Economic Union Treaty.