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Russia, Iran Reach Agreement on Caspian Sea Oil and Gas
(Independent-UK) Oliver Carroll - On Friday, the Kremlin announced that an agreement had been reached between Russia, Iran, Kazakhstan, Azerbaijan and Turkmenistan - the five states bordering the Caspian Sea - after 22 years of talks. The Caspian, the largest enclosed body of water in the world, contains 48 billion barrels of oil and 9 trillion cubic meters of natural gas in proven offshore reserves. Is it really a sea or a lake? If it is designated a lake, development rights are divided up equally, with each nation receiving 20%. However, if it is deemed to be a sea, it is split between the nations in proportion to each one's share of its coastline, making Iran the major loser.