Caspian Sea Region

The Caspian Sea country, including the Sea and the states surrounding it, is important to world vital force markets because of its potential to become a major fossil oil and born(p) muff exporter over the next decade. However, this potential has been complicated by several factors, including a lack of adequate export infrastructure, distinction over new export routes, and border disputes between the litoral states.

GENERAL BACKGROUND

The Caspian Sea has become a landmark for the former Soviet Souths untapped oil and innate(p) gas potential. Herein, the Caspian Sea region is defined to include the Seas littoral states of Azerbaijan, Kazakhstan, and Turkmenistan, as well as parts of Russia and Iran and also Uzbekistan --which although not a littoral state, is the regions largest natural gas producer. The oil and gas potential of these states is sizeable. Proven oil and natural gas reserves have been estimated at up to 3% and 4% of the world total, respectively, and analysts expect that by 2010 regional oil productionion will meet or elapse 2002 capacity in Venezuela, South Americas largest oil producer.

At the moment, however, the countries of the Caspian Sea region are relatively minor world oil and gas producers, struggling with difficult frugal and political transitions. Following the break-up of the Soviet Union, the countries economies languished as regional trade collapsed.



And while, the region has enjoyed overall economic growth since the latter half of the 1990s, gross domestic product (GDP), remains below 1992 levels in Azerbaijan, Kazakhstan, and Turkmenistan (when measured in uniform 1995 USA dollars). Uzbekistan, however, has shown some growth. Moreover, in the regions two biggest oil producers, Azerbaijan and Kazakhstan, 49% and 26% of the populations, respectively, were estimated to be living below the poverty hunt in 2001. Improving these conditions depends, in large part, on the boffo development...

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