Earlier in the day, Russian President Vladimir Putin said at the EEU Supreme Council meeting that the establishment of the single EEU market in hydrocarbons would bring the income of up to $9 billion annually to the oil and gas industry.
"Today the presidents received the documents over the concept of establishment of these oil, oil products and gas markets, and this concept was approved," Shuvalov told reporters after the EEU Supreme Council Meeting.
According to Shuvalov, the documents were finally prepared after all disagreements had been resolved.
"And the presidents confirmed this today. The next stage is the preparation of intergovernmental agreements, which will pave the way for the establishment of the single hydrocarbon market and this market will come into effect on the the Eurasian Economic Union territory in 2025. The principle agreement on that issue was reached today," Shuvalov added.
The EEU is an economic association founded by Russia and including Armenia, Belarus, Kazakhstan and Kyrgyzstan.
EEU heads of state approve idea to create common oil, gas markets
31 May 2016
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The Eurasian Economic Union (EEU) heads of state approved the concept of establishment of common hydrocarbons markets within the association, Russian First Deputy Prime Minister Igor Shuvalov said Tuesday.
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