Recently signed convention on the legal status of the Caspian Sea unveils new opportunities for expansion of cooperation in the fuel and energy sector, Russian Energy Minister Alexander Novak said on Wednesday, cited by the Energy Ministry.
"If we look at the convention through the aspect of energy cooperation of the Caspian states, it can be noted that it opens high prospects for expansion and deepening of mutually beneficial cooperation in the fuel and energy sphere," the minister said.
"The Convention is the basic document for coordination of issues not settled so far. This relates in particular to delimitation of the bottom and subsurface of the Caspian Sea for sectors, which should be made by agreement between neighboring and opposite states," Novak added.
The firth Caspian summit in Kazakhstan’s Aktau on August 12 yielded a convention on the legal status of the Caspian Sea that was signed by the presidents of Russia, Kazakhstan, Iran, Azerbaijan and Turkmenistan. The presidents also signed three intergovernmental agreements and three protocols to the existing agreements, TASS reports.