Single Eurasian market plan ‘not easy-going process’ – Tigran Sargsyan

The creation of single markets to facilitate the exchange of oil, natural gas, and oil products across the Eurasian Economic Union (EAEU) is not absolutely an easy-going process amid a range of controversies and challenges, the chairman of the Board of the Eurasian Economic Commission said on Tuesday.

In an interview with the regional news agency REGNUM, Tigran Sargsyan also admitted that the plan, if realized, would offer a serious progress, promising real chances for lowering the prices of natural gas supply.

“We have to resolve this issue as early as in 2019. All countries are interested in minimum low transit price of natural gas to create competitive conditions,” he said, citing the 2016 doctrine proposing procedures for an exchange trade.

“The transition of the market price generation, including the exchange trade of natural gas – and the non-selective approach to the generation of tariffs – will contribute to an increase in the market stakeholders’ number and sustainability in the prices,” he said, predicting also high chances of expanding the natural gas supply network to increase the consumers’ number.

The Armenian official said he also expects the formation of a single market to raise the general efficiency stanards (by ousting non-efficient companies from the market). “It is important to be prepared for that. Hence the national companies must from now on start thinking about the necessary mechanisms to maximum painlessly realize that plan,” he added.