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Putin calls Caspian countries to coordinate oil and gas prices 30 сентября 2014, 23:06

at the 4th Caspian Summit President of Russia called five Caspian countries to coordinate their actions on the global hydrocarbons market.
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©Renat Tashkinbayev ©Renat Tashkinbayev

On September 29 Russian President Vladimir Putin said that the Caspian countries should make better use of their partnership potential, Tengrinews correspondent reported from the 4th Caspian Summit in Astrakhan.

The event gathered presidents of all five Caspian littoral states, namely Azerbaijan, Iran, Kazakhstan, Russia and Turkmenistan.

"An important area of our cooperation is energy. Caspian states hold leading positions in oil and gas production. We could closely coordinate our actions on the global hydrocarbons market, including in matters of pricing and ensuring global and regional energy security," Putin said.

He believes that the countries need to more effectively use their partnership potential. "We are interested in launching large-scale (joint) projects, stimulating mutual investment and creation of new jobs. I am sure that together we can turn our region into a dynamically growing combined market of nearly 250 million people," the Russian president declared.

Putin added that the Caspian Five had to more actively use their competitive advantages, meaning their favorable geographical location.

Russia's Putin also shared his expectation that the Convention on the Legal Status of the Caspian Sea would be adopted at the next summit.

Reporting by Renat Tashkinbayev, writing by Dinara Urazova, editing by Tatyana Kuzmina

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