Business news

MINSK, 31 May (BelTA) – Methods for setting prices for oil products on the common Eurasian Economic Union markets of oil and oil products, which are supposed to be created in 2025, were discussed at a roundtable session in Minsk on 31 May, BelTA learned from Igor Lyashenko, Chairman of the Belarusian state petrochemical concern Belneftekhim.

Deputy Head of the Federal Antimonopoly Service of Russia (FAS) Anatoly Golomolzin and Vice President of the Saint Petersburg International Mercantile Exchange Anton Karpov took part in the roundtable session.

Igor Lyashenko said: “We are working on methods for enabling access to the markets of oil and oil products as well as methods for setting prices. Belneftekhim specialists have already visited the Saint Petersburg International Mercantile Exchange, have seen how goods are traded, how the oil price is formed on Russia’s domestic market, and how access to this oil is enabled for customers. Other matters have been taken care of as well. The results will be fleshed out into a program on forming the common markets of oil and oil products of the Eurasian Economic Union.”

Anatoly Golomolzin added that participants of the roundtable session had discussed matters relating to the development of exchange trade. “It is an instrument capable of flexibly balancing the market situation. Exchange trade should be open and transparent. The private sector and consumers need to understand how prices are formed and how risks should be managed,” he explained. “We take measures to enable fair competition at every stage: oil extraction, oil processing, and retail sales. It helps secure reliable fuel deliveries among other things.”

Igor Lyashenko reminded that the draft resolution of the Supreme Eurasian Economic Council on forming the common markets of oil and oil products provides for approving the relevant program and action plan. The first stage of the program provides for working out the organizational and methodological foundation for setting up the common markets of oil and oil products in the Eurasian Economic Union in addition to harmonizing the legislation of the member states by 2021. During the second stage (2021-2024) a draft international agreement on setting up the common markets of oil and oil products has to be prepared and approved by the authorized agencies of the EAEU member states. The agreement is supposed to come into force by 1 January 2025.

The Belarusian government has put Belneftekhim in charge of shaping the energy policy in matters concerning the formation of the common markets of oil and oil products in the Eurasian Economic Union. The main tasks the process involves include non-discriminatory access to markets of all the EAEU member states, the creation of economic mechanisms for the effective operation of petrochemical industries, and the creation of favorable conditions for investments in this industry.