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News ID: 4873
Publish Date: 12 August 2018 - 09:47
The Caspian Sea littoral states ministerial meeting was held on August 11 with the participation of foreign ministers of its consisting countries (Iran, Russia, Turkmenistan, Azerbaijan and Kazakhstan) and ongoing by the presidents of the littoral states on Sunday.
ECO-IEST: Today, leaders of the five countries bordering the Caspian Sea will meet in Aktau, Kazakhstan, where they are expected to ratify a resolution formally dividing the oil-rich body of water.
Fifth Caspian Summit has started on Saturday 11 August 2018  which is attended by the foreign ministers of Russia, Kazakhstan, Turkmenistan, Iran and Azerbaijan.

The Caspian Sea littoral states ministerial meeting was held on Sunday August 11 with the participation of foreign ministers of its consisting countries (Iran, Russia, Turkmenistan, Azerbaijan and Kazakhstan) and ongoing by the presidents of the littoral states.
The document to be signed at Sunday’s summit includes the principles that will govern the activities of the signatory nations on the Caspian Sea, as well as matters related to the delimitation of territorial waters and the seabed, navigation, environmental conservation and security.

Regarding security, the draft convention establishes that countries from outside the Caspian cannot have a military presence on its waters.
 
"The foreign ministers of Azerbaijan, Iran, Kazakhstan, Russia and Turkmenistan reached here last night for approving modalities for future work on the Caspian Sea and will sign the Convention on the legal status of the Caspian Sea by the Caspian littoral states’”, said Foreign Ministry of Russia.

According to available details, the Summit will sum up the results of many years of negotiations to determine the legal status of the Caspian and it (Summit) will be preceded by a meeting of foreign ministers of the Caspian states.

The Caspian, the largest lake in the world with an area of 370,886 square kilometers, was shared by Moscow and Tehran according to the 1921 and 1940 treaties until the disintegration of the Soviet Union in 1991.

The emergence of three new coastal states – the former Soviet republics of Kazakhstan, Turkmenistan and Azerbaijan – forced the rethinking of the Caspian partition and its vast wealth in hydrocarbons

According to various estimates, the large salt lake contains probable oil reserves of 235,000 million barrels below its bed.

Until recently Iran demanded the equitable distribution of the Caspian and its joint use, a position rejected by other countries, such as Russia, Azerbaijan and Kazakhstan, which delimited their sectors by the principle of the equidistant line used in maritime law, but eventually Tehran agreed.
It is pertinent to mention that Caspian Sea Convention has a long history behind this initiative. In November 2003, Russia, Azerbaijan, Kazakhstan, Turkmenistan and Iran signed the Framework Convention for the Protection of the Marine Environment of the Caspian Sea while an agreement was concluded between Kazakhstan and Russia in 1998 on delineation of the bottom of the northern part of the Caspian Sea in order to exercise sovereign rights to subsoil use and in May 2002, a protocol was signed between Kazakhstan and Russian while on November 29, 2001 and February 27, 2003, agreements were concluded between Kazakhstan and Azerbaijan on delimitation of the Caspian Sea floor and a protocol to it, respectively. On May 14, 2003, an agreement was reached on the point of junction of the lines of delimitation of adjacent sections of the Caspian Sea bottom among Kazakhstan, Azerbaijan and Russia.


Source: dnd.com
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