(MENAFN- Kuwait News Agency (KUNA)) BRUSSELS, March 21 (KUNA) -- The European Union Council of Ministers adopted Tuesday a decision on establishing an information exchange mechanism with regard to intergovernmental agreements between EU member states and third countries in the field of energy.
The aim of the decision is to correct shortcomings in the existing information exchange mechanism on energy contracts in order to enhance the transparency and consistency of the EU's external energy relations and to strengthen the EU's negotiation position vis-أ -vis third countries, said the Council in a statement.
After being signed by the President of the European Parliament and the President of the Council, the legislative act will be published in the Official Journal of the European Union.
It will enter into force in the course of 2017 and, together with the regulation on the security of gas supply, it will play a major role in the implementation of the security dimension of the Energy Union Strategy, it noted.
"This decision will strengthen transparency in negotiations with third countries on energy agreements, ensuring that such agreements are fully compatible with Union law, thus contributing to energy security," commented Konrad Mizzi, Minister for Energy of Malta, whose country holds the current EU Presidency. (end) nk.mt
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