11 minutes agoTwo decades of discussion, agreement ready for Caspian Sea
Periskopi(8 years ago)
(8 years ago)The five countries with access to the Caspian Sea have reached agreement to approve a convention on its legal status this Sunday. The news was disclosed through an official statement of the Kremlin, which said this agreement was reached after about two decades of discussion and debate between the parties. In statement [...]
The news was disclosed through an official statement of the Kremlin, which said this agreement was reached after about two decades of discussion and debate between the parties.
The declaration reportedly will be signed in Kazakhstan during the fifth Caspian Summit, in Aktau, where representatives of Kazakhstan, Azerbaijan, Iran, Russia and Turkmenistan will be present to sign.
The Caspian Sea is a closed water area between the continent of Europe and Asia. Caspian's strategic importance lies in the abundance of energy sources.
The sea contains large volumes of oil and natural gas reserves in both water and soil. It has been estimated that the Caspian Sea contains 48 billion barrels of oil and 8.7 cubic metres of gas in proven or possible reserves.
As such, numerous oil and natural gas extraction projects exist in the region, and all coastal states in Caspian are important producers of energy.
However, most offshore resources have not been used, as there have been disagreements among five border states on how energy resources will be shared.
