The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Oil fuels Caspian carve-up

Caspian states keen on oil

Keen to exploit the massive oil deposits found in its segment of the Caspian Sea, Kazakhstan is pushing for an end to the decade-long dispute over how to draw borders between the five countries that share its coastline.

The Soviet Union signed the only existing border agreement with Iran in the 1940s but the treaty didn't mention how sub-sea resources should be shared or divided up. Then almost overnight in 1991 three new countries - Azerbaijan, Kazakhstan and Turkmenistan - were created on the shores of the Caspian.

When offshore oil was discovered the bickering began. However, following Russian president Vladimir Putin's election in March 2000 and a US resolve to diversify its oil supplies after the terrorist attacks last September, a new climate of cooperation has emerged between the five littoral states.

In April last year the presidents of the five states met in the Turkmen capital of Ashkhabad to try to thrash out a deal.

Most of the oil deposits are thought to be in the north of the sea, in the Azerbaijani, Russian and Kazakh sectors.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?