Russia, Iran, Others Debate How to Split Caspian Oil Riches
Five countries bordering the energy-rich Caspian Sea met Monday at an economic forum hosted by Turkmenistan in a bid to agree on how to divide the region’s oil wealth.
Last year, the leaders of Russia, Iran, Azerbaijan, Turkmenistan and Kazakhstan signed a convention aimed at ending decades-long uncertainty over exploitation of its resources.
The agreement establishes rules for declaring each country’s territorial waters and fishing zones, but the issue of dividing seabed that contains rich oil and gas fields is subject to further negotiations.
Russia and Iran are yet to ratify last year’s agreement. Russia’s Prime Minister Dmitry Medvedev, who attended Monday’s forum