A trilateral agreement on the development of oil and gas deposits in Turkmenistan was signed in Ashgabat Tuesday by Turkmenian President Saparmurat Niyazov, Nikolai Tokarev, in charge of the Russian foreign-trade association Zarubezhneft, and Igor Makarov, head of the international Itera group of companies. The newly-formed Zarubezhneft-Itera joint venture is expected to participate in the development of deposits both on land and in the Turkmenian zone of the Caspian Sea shelf. Before getting down to practical work, the joint venture will study materials on the oil- and gas-bearing territories of western Turkmenistan, to be furnished by the Turkmenian government, and will draw up necessary documents in line with the Product Sharing Agreement on specific oil and gas deposits.
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