Armenia takes part in development of methodology for formation of indicative balances of natural gas, oil and oil products

YEREVAN, February 13. / ARKA /.  A team of Armenian experts  and government officials took part in a meeting of a task force set up to develop a methodology for formation of indicative (forecast) balances of natural gas, oil and oil products, the press service of the Eurasian Economic Commission (EEC) said.

The meeting, chaired by Sergei Kolobanov, deputy head of EEC's energy department, was held on February 12 in Moscow. It was attended by representatives and government officials from Belarus, Kazakhstan, Armenia and Russia, as well as businesses community.

The draft agreement will be submitted to the consideration of the Advisory Committee on Oil and Gas of the EEC's Board on 25th of February 2015.

In accordance with the Eurasian Economic Union's (EEU) Treaty, authorized representatives of the trade bloc should adopt the methodology before July 1, 2015.

The draft agreement on the formation of the methodology for indicative (forecast) balances of gas, oil and oil products was developed based on the results of a relating research, conducted by the Institute for Energy Research of the Russian Academy of Sciences in 2013.

The draft agreement was revised and improved by a working group set up at the recommendation of the Advisory Committee on Oil and Gas of the EEC's Board.

The adoption of the agreement will unify the approaches of EEU member states to the compilation of indicative (forecast) balances of gas, oil and oil products and organize systematic work to ensure the development of these balances.

The Eurasian Economic Commission (EEC) is a permanent regulatory body of the Eurasian Economic Union. It started functioning on February 2, 2012. The main objective of the Eurasian Economic Commission is to ensure functioning and development of the EEU, to prepare proposals for its further integration. -0-