The Eurasian Economic Commission’s Advisory Committee on Oil and Gas reviewed the draft concepts of forming common markets for gas, oil and petroleum products in the Eurasian Economic Union, the Commission’s press office reports.

Member of the Board – Minister of Energy and Infrastructure of the EEC Tair Mansurov said the establishment of common markets for gas, oil and petroleum products will improve the Union’s energy security and reliability of energy industry, boosting the growth of mutual trade of energy resources and investments in this sphere. The cost of production of energy and the creation of conditions for their balanced consumption will also drop, Mansurov noted.

The Advisory Committee basically approved the draft concepts of forming a common market of gas and those of oil and petroleum products in the Union. In accordance with the EEU Treaty, the documents will be submitted to the EEC Board in November to be introduced to the Supreme Eurasian Economic Council in December 2015.

The development of the draft concepts was based on the results of scientific research conducted by the Institute for Economic Strategies and the Institute for Energy and Finance (Russia). The documents define the main goals, objectives and principles of the common markets for gas, oil and petroleum products in the Union, as well as mechanisms for operation.