President Kassym-Jomart Tokayev of Kazakhstan has signed the law on ratification of an intergovernmental agreement on trade and economic cooperation with Armenia in the supply of oil products, Prime reported, citing the press service of the President of Kazakhstan.

Earlier, the Committee on Ecology and Environmental Management of the Mazhilis—the lower house of the Parliament of Kazakhstan—had informed that this agreement sets out the terms of trade and economic cooperation between the two countries for the supply of goods in Group 27 of the commodity list of foreign economic activity—except oil, electricity, natural gas, and coal.

The relevant agency of the Kazakh side shall approve the plan to supply oil products to Armenia from Kazakh oil refineries.

Export customs duties shall not be levied on these oil products—and in accordance with Article 28 of the EEU Treaty.

But these oil products cannot be exported from Armenia to third countries and other EEU countries.

In case of breach of obligations, the Armenian side shall pay compensation to the Kazakh side—and calculated in US dollars and equivalent to the amount of export customs duties.