EEU approves roadmap for harmonization of oil legislation – EEC

<p> MINSK, Dec 14 - PrimePress. At the session of the Supreme Eurasian Economic Council held on December 11, 2020, the Eurasian Economic Union (EEU: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia) approved a roadmap to harmonize oil legislation, the press office of the Eurasian Economic Commission (EEC) reports. </p> <p>   </p> <p> The roadmap provides guidelines for harmonization, includes annual analysis of data on normative legal acts and amendments to national acts on the oil sector for their compliance with the procedures required for launching the EEU common markets of oil and oil products. </p> <p>   </p> <p> “Harmonization of legislation is aimed at providing market mechanisms for trade in oil and oil products between the member states of the Union, facilitating investment, transportation, supply, processing and marketing of oil and oil products,” the EEC says. </p> <p>   </p> <p> The decision comes into force upon its publication. </p> <p>   </p> <p> As previously reported, the roadmap implies that the legislation will be harmonized in matters of market mechanisms for trade in oil and oil products, setting of tariffs for transportation, promotion of investments in production, transportation, supply, refining and sales of oil and oil products. The EEU member states are expected to keep each other updated on the work in progress and analyze the work done. </p> <p>   </p> <p> The international treaty on the EEU common markets of oil and oil products is planned to be signed in 2024. The markets are expected to be launched on January 1, 2025. According to the EEU Treaty, the common oil market is to be launched in 2025 at the latest. End </p>

2020-12-14

Primepress