Iran rejects Azeri oil contracts with US companies as "devoid of legal grounds"

May 01, 1999 02:00 AM

Iran has turned down the oil contracts signed between American oil companies and the Republic of Azerbaijan on utilisation of the Caspian Sea oil reserves as "devoid of legal grounds."
Iranian Foreign Ministry spokesman Hamid Reza Asefi said evening that mechanisms for exploitation of the Caspian Sea reserves is a topic of discussion among the littoral states.
The Azeri government signed oil agreements valued at $ 10 bn with three American energy companies to develop oil fields in the republic.

Source: Xinhua via Newspage
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