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8/12, 1:58 PM (Source: TeleTrader.com)
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Caspian states strike deal to arrange sea's future

Russian President Vladimir Putin, pictured right with his host, President Nursultan Nazarbayev, participated on Sunday in the Summit of the Heads of the Caspian Littoral States together with the leaders of Azerbaijan, Iran and Turkmenistan. The fifth event in the series, held in Aktau, Kazakhstan, produced an agreement on the legal status for the inland sea, paving the way for comprehensive measures to arrange access to its reserves of oil and gas and other resources, particularly sturgeon.

After 21 years of talks, with mostly void deals between the governments in Tehran and Moscow, the announcement with little detail indicates the participants reached a consensus about the shared use, but that the seabed and subsoil would be covered by future conventions. The presidents signed a document allowing the presence only of domestic ships sailing and troops at the shores.

Turkmenistan is pushing for the construction of pipelines to send its gas to Europe via Azerbaijan but the endeavor worth $5 billion is yet to win approval by Russia and Iran. The latter, which apparently gained the smallest stake under the deal, has been expressing interest in joining Azerbaijan in fossil fuel projects.

Breaking the News / IT