Minister: Caspian Sea region has great energy potential
Baku, Azerbaijan, Nov. 8
By Rufiz Hafizoglu - Trend: The Caspian Sea region has great energy potential, Minister of Energy and Natural Resources Taner Yildiz said in his interview with "Hazar World" magazine.
According to the minister, despite the fact that the status of the Caspian Sea hasn't been agreed upon, this region has great oil and gas reserves.
The minister also said that Ankara believes that the region's energy potential must serve its development and stability.
Earlier it was reported that the Caspian Sea countries (Azerbaijan, Kazakhstan, Russia, Turkmenistan, and Iran) signed a Framework Convention for the Protection of Marine Environment of the Caspian Sea in November 2003.
In July 1998, Russia and Kazakhstan signed an agreement on the delimitation of the northern part of theCaspian Sea in order to exercise sovereign rights for subsoil use.
On Nov. 29, 2001 and Feb. 27, 2003, Kazakhstan and Azerbaijan signed an agreement on the delimitation of the area.
Kazakhstan, Azerbaijan and Russia signed an agreement on the delimitation of adjacent sections of the Caspian Sea on May 14, 2003.