Caspian Sea nations to meet to discuss dividing 'oil rich seabed'

The energy-rich Central Asian nation of Turkmenistan is hosting an economic forum intended to bolster co-operation between Caspian Sea nations.

Last year, leaders of the five countries along the Caspian Sea signed a convention aimed at ending decades-long uncertainty over exploitation of its resources.

The agreement between Russia, Iran, Azerbaijan, Turkmenistan and Kazakhstan establishes rules for declaring each country’s territorial waters and fishing zones, but the issue of dividing a seabed that contains rich oil 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 in

Turkmenistan, said that the ratification is expected “in the near future”.

Iranian vice president Eshaq Jahangiri was non-committal, making no commitments in his speech at the forum.

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