Moscow, Baku considering new project on Caspian shelf

Russia and Azerbaijan are considering a potentially new project for joint implementation on the Caspian shelf, Russian Deputy Prime Minister Alexander Novak told TASS, Report informs.

"In general, there are a number of new projects, including on the Caspian shelf, which is being considered for potential joint implementation," he said.

According to Novak, Russia and Azerbaijan "have long-standing ties in the gas and oil and gas sectors, and joint projects are being implemented."

"In particular, a project known as Shah Deniz, where our Russian company Lukoil has almost 20%, has invested a lot. We have projects related to the supply of oil and oil products," the deputy prime minister said.