Belarus confirmed the high readiness of the document on the single oil market in the EAEU

The agreement on the formation of common markets for oil and petroleum products of the Eurasian Economic Union (EAEU) is in a high degree of readiness. This was stated by Deputy Chairman of the Belneftekhim concern Vladimir Sizov.

According to him, when signing the agreement on the creation of the EAEU, the parties were not ready to move so far in integration for the emergence of single markets for oil and petroleum products. However, over time, the situation is changing.

"These issues are sensitive for all participating countries. There are oil exporting countries, primarily Russia and Kazakhstan, and there are consumer countries. We belong to the second, energy-consuming countries. In order to resolve the disagreements that emerged back in 2014, it was decided that the agreement on the single markets of oil and petroleum products would become effective from 2025," he said.

He also recalled that in the decade since the signing of the document, a concept for the formation of single markets for oil and petroleum products was developed, approved by the Supreme Eurasian Economic Council. On the basis of this concept, a specific program was developed, and in 2016-2018 the documents were adopted.

"Subsequently, the participants started practical elaboration of the components of a large document — the agreement on the single markets of oil and petroleum products, which includes a number of annexes regulating certain elements of the single market. At the moment I can say that the documents are in a high degree of readiness. Some issues remain with both exporting and consuming countries of oil and petroleum products. We will have to remove them in the next two years," said the deputy chairman of Belneftekhim.

In addition, Sizov said that, according to the latest decisions taken at the level of heads of state, the single market for oil and petroleum products should start operating from 2027.

"We are not talking about revising the current list of documents. There are still some fundamental, really important and complex issues that need to be resolved within two years. These documents actually close the issues of interstate trade in oil and petroleum products. With their adoption, most of the problems that we have faced in the past should be eliminated. Cooperation, of course, will reach a new level: it will become more focused on the rapid solution of practical problems arising in everyday life," he stressed.

In 2025, Belarus will preside over the bodies of the Eurasian Economic Union. Minsk pays special attention to issues of cooperation in the field of energy resources.