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Law ratifying agreement between Russia and Kazakhstan on oil supply cooperation

July 17, 2011

Dmitry Medvedev signed Federal Law On Ratification of the Agreement between the Government of the Russian Federation and the Government of the Republic of Kazakhstan on Trade and Economic Cooperation in Oil and Oil Product Supplies to the Republic of Kazakhstan.

The Agreement was signed in Moscow on December 9, 2010 to implement the Plan of Action to form a Common Economic Space between the Republic of Belarus, the Republic of Kazakhstan and the Russian Federation, as approved by the decision of the  EurAsEC Interstate Council, and the attachment to the Agreement on Organisation, Management, Operation and Development of Common Oil and Oil Product Markets in the Republic of Belarus, the Republic of Kazakhstan and the Russian Federation.

The Agreement sets forth terms and conditions for trade and economic cooperation between Russia and Kazakhstan as regards oil and oil product supplies. It also provides for adjustment of balance for extraction (production), consumption, delivery, import and export of oil and oil products on the territory of the two states – parties to the Agreement.

July 17, 2011