Eurasian Economic Commission has prepared a draft program on creating a common gas market in the countries of the Eurasian Economic Union (EEU). Press service of the EEC reported.
It is noted that the project was discussed at an expert level and will be offered for approval by heads of EEU countries till the end of 2017.
The basis of the project is organized exchange gas trade and providing equal access to trading for all market participants. This will create a competitive environment and ensure the transparency of gas pricing.
"All wholesale market participants will operate on the common gas market," the member of the Board (Minister) for Energy and EEC Infrastructure Adamkul Zhunusov told.
The introduction of common rules for access to the gas transportation systems, transparent mechanisms for the distribution of spare capacity of these systems, the rules of mutual gas trade, harmonization of legislation in this area is planned.
Common gas market will be created in three stages:
The first is expected to be completed by December 31, 2019. By this time, legislation of EEU countries will be harmonized, the norms and standards for gas will be unified, a system of information exchange will be created, common rules for access to the gas transportation system will be developed and approved.
During the second stage, which will last until December 31, 2020, it is supposed to ensure the operation of one or more commodity exchanges. They will be able to trade gas. Equal access of market participants to trading and transportation systems will be provided.
The third stage will be focused on the provision of free gas supply in the required volumes and destinations. At this point, international treaty on the formation of a common gas market will enter into force. The stage will complete not later than on January 1, 2025.