Memorandum of Cooperation between the World Energy Council and the Eurasian Economic Commission in the Energy Sector (Lisbon, October 18, 2017)

The World Energy Council and the Eurasian Economic Commission, hereinafter referred to as the "Parties",

acting on the basis of the Treaty on the Eurasian Economic Union of May 29, 2014 and the Rules of World Energy Council of October 21, 2016,

considering the experience and knowledge gained by the Parties to develop energy policies,

recognizing the importance of cooperation for effective fuel and energy capacity use in the Eurasian region,

highlighting the prospects for closer cooperation in the Energy Sector, based on mutually beneficial business and equality,

the Parties came to mutual understanding on the following:

1. The purpose of this Memorandum is to develop cooperation between the Parties in the Energy Sector.

2. The Parties are agreed to cooperate within the following activities:

conducting mutual analytical research in the Energy Sector;

preparing draft proposals for implementing integration-focused investment projects in the Energy Sector;

exchanging experience in arranging programs and strategies covering all types of energy resources, including electrical power, gas, oil, alternative and renewable energy sources;

realizing the actual tasks in the Energy Sector;

detecting obstacles for further development of the energy infrastructure and finding relevant solutions to eliminate such obstacles;

discovering innovative business models;

working together on understanding critical priorities of the leadership in the region of joint interest. In particular, they use the issues survey and possibly other tools to assess these. The Eurasian economic commission will complement the World Energy Council's work by facilitating input from its own leadership network;

other directions of cooperation agreed by the Parties.

3. The cooperation within the framework of implementation of this Memorandum shall be conducted by:

consultation;

arranging discussions within "Energy Trilemma" concept in order to assist developers of policies in the Energy Sector;

participation in international events in the Energy Sector.

4. In order to develop the cooperation in the areas indicated in paragraph 2 of this Memorandum, the Parties may develop plans and programs for joint activities. The terms and procedure for carrying out these measures shall be agreed by the Parties separately in each specific case.

5. This Memorandum is not an international agreement and does not impose any obligations governed by the international law and does not impose on the Parties any financial obligations.

6. Any disputes related to application of this Memorandum shall be resolved by consultations and negotiations between the Parties.

7. This Memorandum may be changed by mutual consent of both Parties by signing the relevant Protocol.

8. This Memorandum applies from the date of its signing by the Parties. Either Party is entitled to withdraw from this Memorandum upon written notice via diplomatic channels to the other Party. The application of this Memorandum shall suspend from the date of receiving such notification by the other Party.