Caspian-rim nations agree on territorial waters

ITAR-TASS  Oleg Kuzmin

But exploitation of the resources has been hampered by disputes over ownership which date back from the breakup of the Soviet Union.

"The Caspian Port city of Kazakhstan will be remembered in the history as historic document of Convention on the status of Caspian Sea was signed here during Caspian Sea Summit", said local media in Aktau.

"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".

Iranian President Hassan Rouhani, left, and Russian President Vladimir Putin at the Caspian Sea summit.

The Caspian Sea Legal Regime Convention also puts emphasis on sovereignty and sovereign rights of littoral states while recognizing their right to decide on the sea. The leaders also agreed that the surface of the Caspian Sea would be freely available to everyone for activities like travel and fishing.

Iran, which ended up with the smallest share of the sea under the terms of the convention, is viewed as a potential loser in the deal.

Energy-rich but isolated Turkmenistan is particularly excited and President Gurganguly Berdymukahmedov has called for annual Caspian Sea Day celebrations from Sunday onwards.

As reported by the BBC, this landmark deal that has been more than two decades in the making.

But the body of water is salty because it was once part of a the Paratethys Sea before it became land locked after land drifts and a fall in sea level - however, the difference is more important than just for the sake of names.

And the lynchpin of the whole negotiations is whether the 370,000sqkm Caspian Sea is a sea or a lake, reports the BBC. The provisions of the United Nations Convention on the Law of the Sea of 1982, as well as the principles applied to transboundary lakes, are not applicable to the Caspian Sea.

But if it is defined as a lake, then it would have to be divided between all five countries - and a formula about who gets what is not the easiest of equations to solve.

According to BBC, the new agreement finds a middle ground.

The establishment of USA military bases at the Caspian Sea is "out of question", Kazakh Foreign Minister Kairat Abdrakhmanov told Sputnik."Some representatives of Russian media and expert communities do not have a firm grasp of facts on the real situation regarding the transit of U.S. non-military cargo via Kazakhstan ..."

Some littoral states have also disputed the ownership of several oil and gas fields, which delayed their development.

Caviar is yet a third reason.

The Caspian Sea has a number of different species of sturgeon, the fish that yields the highly prized delicacy caviar.

The Caspian basin is seen as an important source of oil for world markets outside the Middle East. Kazakh President Nursultan Nazarbayev said on Sunday that the recent agreement allowed the setting of national quotas for fishing.

Related News:

  • Trump supports Harley boycott if some production shifts overseas

    Trump supports Harley boycott if some production shifts overseas

    President Donald Trump speaks at a dinner with business leaders at Trump National Golf Club in Bedminster, N.J., August 7, 2018. He said the new levies would prove effective in forcing other nations to renegotiate trade deals with the U.S.
    Omarosa Implies that She Has Spoken with Special Counsel Robert Mueller

    Omarosa Implies that She Has Spoken with Special Counsel Robert Mueller

    Before becoming president, Trump himself had a reputation for quietly recording conversations during his business dealings in NY . The airstrikes were ordered to answer a chemical weapons attack in Syria.
    Bets for upcoming Southampton vs Arsenal fight

    Bets for upcoming Southampton vs Arsenal fight

    Neither Arsene Wenger nor his players could afford themselves to lose another match if they still want to be in the top four. Arsenal is still keeping the dream to be qualified in Champions League after the victory over Manchester on Sunday.
  • United States  man flies plane into his home after fight with wife

    United States man flies plane into his home after fight with wife

    The remnants of the plane. "There was a significant fireball, so there's not a whole lot left of the plane itself", Sandoval said. Photos of the wreckage showed the white plane charred and in pieces in the front yard nearby an overturned and crushed auto .
    U.S. Open: Brooks Koepka goes back-to-back with impressive victory

    U.S. Open: Brooks Koepka goes back-to-back with impressive victory

    Ben Hogan won three straight that he played, missing in 1949 after almost getting killed when his vehicle struck a bus. Now that he is one of the top players in the world, it is surprising that Koepka didn't intend to become a golfer.
    Jack Whitehall will play Disney's first openly gay character

    Jack Whitehall will play Disney's first openly gay character

    The Australian describes herself as "gender fluid" and some suggested a lesbian actor should play the character. Actor Chris Salvatore sarcastically said it must be hard to find gay actors to play gay characters.
  • Oil prices dip as demand outlook dims; Iran sanctions provide some support

    Oil prices dip as demand outlook dims; Iran sanctions provide some support

    Global benchmark Brent crude traded at around $72.80 on Friday morning, little changed from the previous session, while U.S. Brent crude futures fell $1.67, or 2.3 per cent, to $71.14 a barrel, by 12:29 p.m.
    Manchester still UK's most liveable city, says The Economist

    Manchester still UK's most liveable city, says The Economist

    Vienna overtook Melbourne as the top-ranked city in the world for liveability, scoring a near flawless score of 99.1 per cent. The survey had been criticised past year for demoting Manchester eight places after the May 22nd attack.
    Will Fiorentina continue the fight?

    Will Fiorentina continue the fight?

    Another 16 goals brought Lorenzo Insigne, 13 goals went from Jose Callejon and 11 from Marek Hamšík. Forecasts Bookmakers consider Napoli as the main favorite - the coefficient for the victory of the hosts is 1.28.
  • Man Arrested After Car Crashes Into Parliament

    Man Arrested After Car Crashes Into Parliament

    Questions remain over the Houses of Parliament attack in London , which left three people injured and a suspect in custody. Masood then tried to rush inside with a knife and killed a police officer before being shot dead in a courtyard area.
    Jim Furyk won't commit to Tiger Woods as Ryder Cup at-large pick

    Jim Furyk won't commit to Tiger Woods as Ryder Cup at-large pick

    Watson and Simpson were successful together at Medinah in 2012, although neither has won a Ryder Cup singles match. He's been a really big help to our captains in both '16 and '17 from a strategy perspective", Furyk said.

    3 Entertaining Ways to Improve Your Business Skills over the Coming Weeks

    In both games and business meetings you may feel everything from frustration to elation, but the trick is to keep is all hidden. Play Poker While millions of people around the world may play poker solely for fun, you can also play to up your business game.


Most liked

Polls close in Vermont for slate of primaries
Scott Walker has defeated a former Marine who cast himself as a political outsider in the state's Republican primary for U.S. That net 38 point drop is the biggest quarterly shift since Morning Consult began polling the subject in May 2016 .

Azealia Banks claims she's been waiting for Grimes at Elon Musk's home
When Gizmodo reached out to Musk for comment over Twitter DM, Musk claimed to have "never even met [Banks] or communicated with her in any way ".

Melania Trump: Is Melania Trump planning to DIVORCE Donald Trump? SHOCK BOMBSHELL
Under one such agreement, signers promised not to "demean or disparage publicly" Trump, his company or any member of his family. In her new book, Unhinged , she writes: "Taken as a whole, all of her style rebellions have served the same goal ".

Turkey’s lira crisis threatens to undermine global economy
Erdogan insisted Monday that the dynamics of the Turkish economy were "solid, strong and sound and will continue to be so". Trump urged Erdogan on Twitter to free him, describing his continuing detention as "a total disgrace".

Fans to get free beer for Browns' first victory
They'll open up the 2018-19 season at home against AFC North division rival Pittsburgh Steelers on September 9. If the Cleveland Browns look like an entirely different team to you this season, it's because, well, they are.

Bow Before These New Witchy Photos From The Chilling Adventures Of Sabrina
Melissa Joan Hart may not even recognize Kiernan Shipka's Sabrina , who seems very rooted to the world of the comic book. A first look of Kiernan Shipka ( Mad Men ) in character on-set has come through, via the show's Twitter page.

Furyk gets core of Ryder Cup team, and obvious pick in Woods
Phil Mickelson failed to qualify for the Ryder Cup for the first time since 1993, his first full season on the PGA Tour. Prevailing wisdom says Woods has done enough to make the team, although Furyk would not commit to that decision Monday.

Bakayoko to undergo AC Milan medical
The one-time capped France global had a tough year with the Blues, during which he failed to impose himself under Antonio Conte. Tiemoue Bakayoko is set to join AC Milan on loan with a view to a permanent deal, according to reports in the British media.

Drop in Turkish lira is making us a lot more money
Emerging market currencies in general also sold-off violently , many of which slipped to multi-month or multi-year lows. Trump's decision to double United States tariffs on Turkish steel and aluminium has only exacerbated the situation.

England omit Stokes in unchanged squad for third test
The Durham all-rounder, 27, had denied the charge, relating to his involvement in a fracas in Bristol in September. Tony Miles, the solicitor for Mr Ali and Mr Hale, said: "Both our clients are delighted it's all over".

Speak No Evil: Trump Confirms Unprecedented Use Of NDAs In West Wing
In the book, she wrote of Trump's feelings about Obama - how he talked about the former president often, and even " hated " him. Former White House staffer Omarosa Manigault Newman during an interview on the "Today" show on NBC on Monday.

Firefighter killed battling California's Ranch Fire
Yosemite National Park will reopen Tuesday, 14 days after a wildfire choked the park with smoke at the peak of tourist season. As it has grown to cover more than 202,000 acres, 1,077 homes, 22 commercial structures and 500 other buildings have burned.

Koepka rises to number two, Woods 26th in world rankings
Despite hitting only five of 14 fairways all day, Woods managed to make eight birdies to offset a pair of bogeys. But he said he hadn't felt this good at a tournament he didn't win in a long time.

Rupee falling not a worry, says government
The rupee has been among the worst performing currencies against the dollar compared with its peers so far this year. Meanwhile, the benchmark BSE Sensex recovered 184.93 points, or 0.49%, to 37,829.83 points in early trade today.

New Plan to Rescue Turkey's Deteriorating Economy
The EU put new taxes on U.S. motorcycles in response to the Trump administration's tariffs on products imported from Europe. Turkey responded by ordering the freezing of assets related to the United States "justice and interior" secretaries.