The oil transitional rules have been extended
In the countries belonging to the Eurasian Economic Union, consultations and public discussions are underway on the draft changes to the transitional provisions regarding the implementation of the EAEU technical regulation TR 045/2017 entitled "On the safety of oil prepared for transport and / or use". They will end on December 8, 2020. These regulations set out the safety requirements for crude oil introduced to trading on the Eurasian Economic Union market, which are mandatory for application and implementation.
The transitional provisions apply to oil and petroleum products
Technical Regulations TR EAEU 045/2017 entered into force on July 1, 2019, however, by the decision of the Management Board of the Eurasian Economic Commission No. 36 of March 6, 2018, transitional provisions were approved, which were to apply only until January 1, 2021. Until then, mining is allowed and admission to trading of crude oil and petroleum products, which previously were not subject to mandatory compliance assessment according to the "old" standards, i.e. without permits and EAC labeling.
Covid-19 and the situation of oil and gas companies
As a result of the current global situation related to the introduction of restrictions due to the COVID-19 virus epidemic, oil and gas companies were not able to prepare and adapt their activities to the requirements set out in TR EAEU 045/2017. It is also difficult to expect that all the restrictions and principles specified in the document will be implemented in the remaining few months of the transition period.
Extension of the transitional period
Due to the difficult situation, a proposal was made to extend the transitional period for adapting to the new safety standards of the regulation for another year. Thus, the regulations will enter into force only on January 1, 2022, and until then, transitional provisions apply.