Parliament ratifies oil deal with Russia

ASTANA. KAZINFORM - Senate has adopted the draft law "On ratification of the Protocol amending the Agreement between the Government of the Republic of Kazakhstan and the Government of the Russian Federation on trade and economic cooperation in the field of oil and petroleum products delivery to the Republic of Kazakhstan dated 9 December 2010".

"The agreement was valid until 1 January 2015. May 29, 2014 the parties signed a protocol under which the validity of the bilateral agreement extended to January 1, 2019. The Agreement shall be automatically extended for five years, unless either party has delivered written notice of its intent to terminate the Agreement at least 6 months prior to the expiration of the initial term," said Vladimir Shkolnik, Energy Minister of Kazakhstan. He said that the agreement on the establishment of common markets of oil and petroleum products of the Eurasian Economic Union should be concluded not later than January 2025. The law is sent to the President of Kazakhstan for signature.