Common Natural Gas Market Agreement Drafted in EAEU

BUSINESS TURKMENISTAN
Common Natural Gas Market Agreement Drafted in EAEU
The common market of natural gas will allow the unification of gas trading rules in EAEU.

The Eurasian Economic Commission (EEC) has sent a draft agreement on a common market of natural gas to the Eurasian Economic Union (EAEU) member states, the Russian state news agency TASS reported on Monday.

The document was sent to the EAEU member countries – Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. They were asked to speed up the domestic approval of the draft agreement, since this topic will be considered at a meeting of the Supreme Eurasian Economic Council. The EAEU member states are expected to ratify the agreement next year. The EAEU common market of natural gas is planned to launch from 2025.

Although Turkmenistan is not an EAEU member, the country is developing close economic partnerships with the member states of the union, including in the field of natural gas trade, the official media of Turkmenistan reported on Tuesday. In particular, Russia, which buys Turkmen natural gas, is an important partner of the country in the natural gas sector.

Experts believe that the creation of a common natural gas market in the EAEU will contribute to the development of cooperation between Turkmenistan and the member countries of the Union in the fuel and energy sector.

The common market of natural gas will allow the unification of gas trading rules, the implementation of uniform approaches to the formation of pricing and tariff policies, the harmonization of the legislation of the EAEU member states regulating the natural gas sector, as well as uniform rules for access to gas transportation systems.