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What Does the New Caspian Sea Agreement Mean For the Energy Market?

Aug 17, 2018 | 09:00 GMT
(L-R) Azerbaijan's President Ilham Aliyev, Iranian President Hassan Rouhani, Kazakhstan's President Nursultan Nazarbayev, Russian President Vladimir Putin and Turkmenistan's President Gurbanguly Berdymukhamedov pose after the signing ceremony at the 5th Caspian Summit in Aktau on August 12.

(L-R) Azerbaijan's President Ilham Aliyev, Iranian President Hassan Rouhani, Kazakhstan's President Nursultan Nazarbayev, Russian President Vladimir Putin and Turkmenistan's President Gurbanguly Berdymukhamedov pose after the signing ceremony at the 5th Caspian Summit in Aktau on August 12.

(ALEXEY NIKOLSKY/AFP/Getty Images)

Leaders from Russia, Azerbaijan, Iran, Kazakhstan and Turkmenistan have spent over 20 years trying to negotiate a deal over how to manage the ownership of areas of the Caspian Sea, and on Aug. 12 in the Kazakh city of Aktau, they finally signed a legal convention. But despite the fanfare surrounding the summit, the agreement will not resolve all of these countries' complex and contentious debates over the Caspian Sea. ...

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