Russia, Iran, and 3 others agree Caspian status, but not borders

Russia, Iran, and 3 others agree Caspian status, but not borders

Russia, Iran, and 3 others agree Caspian status, but not borders

A map of the Caspian Sea locating Aktau, in Kazakhstan, where a deal was signed Sunday by surrounding countries which ends decades of dispute over the inland sea rich in oil, gas and caviar.

According to the Convention, the Caspian Sea will have a special legal status.

Nevertheless, Rouhani hailed a stipulation in the convention that prevents non-Caspian countries from deploying military forces on the sea. The port will be capable of handling heavy-duty vessels with a payload of 15,000-25,000 tonnes.

According to Tengrinews.kz, in the Caspian sea, which representatives from five countries tried to separate since the collapse of the Soviet Union, inhabited by 80 percent of all sturgeon, but its main riches - oil and gas.

If it was termed a sea, it would be covered by the worldwide maritime law, namely the United Nations Law of the Sea.

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One of the reasons for the fraught negotiations was how to divide the Caspian Sea's hydrocarbon reserves.

Iran's president, Hassan Rouhani, told reporters, however, that dividing the seabed and its mineral wealth would require additional agreements.

Until 1991, the Caspian had only two littoral states - the Soviet Union and Iran - which treated the Caspian as a border lake, with their 1921 Treaty of Friendship focusing largely on navigation rights and referencing natural resources only in regards to fishing.

"The Islamic Republic of Iran enjoys an important role in transit field and through cooperation with Turkmenistan and Kazakhstan in the east of the sea and Azerbaijan and Russian Federation in the west of the sea, we can link Central Asia and the Caucasus to the southern waters of the Persian Gulf and Oman Sea and this means that Caspian Sea can be a transit route for the region and out of the region as well".

Leaders of the Caspian Five came there to seal a convention on the legal status of the sea washing shores of Azerbaijan, Iran, Kazakhstan, Russia and Turkmenistan. A proposed trans-Caspian oil pipeline could ease exports from the Kashagan oil field in Kazakhstan, which is managed by Exxon.

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It's estimated there are 50 billion barrels of oil and almost 8.4 trillion cubic metres of natural gas beneath its seabed.

This prize of vast resources has led to past bitter disputes - including the deployment of warships to deter contractors hired by rival companies.

As previous exclusive arbiters of Caspian agreements, Russian Federation and Iran could be seen as the new deal's biggest losers.

President Rouhani also described deepening of relations and cooperation beneficial for both nations and said: "We should attempt to turn Caspian Sea into the sea of peace and friendship and a factor for further cementing of relations, cooperation and friendship".

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