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Council mulling over Iran-Brazil Caspian Sea oil contract

TEHRAN, Oct. 4 (Mehr News Agency) - Iran's Economic Council is presently assessing the draft of a contract inked with Brazil on oil extraction from the Caspian Sea, member of the Majlis Economy Commission Elyas Naderan said here on Wednesday.

"Iran and Brazil will finalize the contract to extract oil from the Caspian Sea, upon ratification by the Economic Council," Naderan told reporters at the sideline of the Majlis open session.

Since the legal regime of the Caspian Sea is still unclear, Iran prefers to extract oil from the middle parts of the sea that are deeper and jointly owned with other littoral states, MP explained. However, Brazil is keen on carrying out extraction from less deep areas which are near the coast, he added.

Naderan did not say whether or not Iran and Brazil have reached a consensus over the area of the extraction, however, he said "Iran's national interests have been violated in this contract, because it is failed to determine the exact area for drilling operations."

... Payvand News - 10/5/06 ... --

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