Kazakhstan ratifies agreement on common oil and petroleum products market with Russia and Belarus

Kazakhstan’s President Nursultan Nazarbayev has ratified the Agreement on common market of oil and petroleum products with Russia and Belarus, President’s Press Service reported May 3. The agreement seeks to define major principles to form the common markets of oil for the Customs Union member states, as well as to foster competition in these markets. To form the common markets, the sides agree not to apply volume restrictions nor levy exports duties; they undertake to primarily meet demand for oil and petroleum products within the Customs Union and work out single norms and standards for oil and petroleum products; besides they undertake to put in place a common information system related to the products, Interfax – Kazakhstan reports.