Iran wants Caspian 'release valve' opened
Sanctions-hit Iran and its neighbours are seeking to resolve boundary uncertainties to unlock further oil and gas reserves in the Caspian Sea
Representatives from the five Caspian states are due to meet in Kazakhstan in August to sign a convention on the legal status of the sea. It's a chance for Iran, Russia, Azerbaijan, Turkmenistan and Kazakhstan to agree the demarcation of oil blocks in a region that's becoming increasingly attractive for the sector as a counterweight to the politically risky Middle East. US president Donald Trump's 8 May decision to re-impose nuclear sanctions on Iran and withdraw from the Joint Comprehensive Plan of Action (JCPOA) has focused minds at oil companies on the risks of doing business with Tehran. These could potentially cover Azerbaijan's Shah Deniz development, given Iran's national oil company
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