Tehran and Baku invite Ashgabat to develop oil fields in the Caspian Sea
Iran and Azerbaijan are planning to establish a joint oil company to develop black gold deposits in the Caspian. This was stated by the President of the Islamic Republic of Iran Hasan Ruhani. At the same time, the Iranian leader stressed that Turkmenistan and other neighboring countries can join the implementation of these projects. In April this year, within the visit of the head of the Islamic Republic of Iran to Baku, a memorandum "On mutual understanding between the Ministry of Energy of Azerbaijan and the Ministry of Oil of Iran on joint development of relevant blocks in the Caspian Sea" was signed between the two countries. Turkmenistan stands for the broad international cooperation in the development of oil and gas resources of the Caspian Sea. At the same time Ashgabat is committed to strict observance of environmental norms while working in the Caspian Sea, in order to exclude the possibility of damage to the unique ecology of the sea. It should be noted that the Turkmen sector of the Caspian is also promising for hydrocarbon resources. It is estimated that its resources amount up to 12.1 billion tons of oil and 8.76 trillion cubic meters of natural gas.
