Baku, Moscow eye joint Caspian shelf project Russian official says

Russian Deputy Prime Minister Alexander Novak has said that Baku and Moscow are currently exploring the possibility of launching a new joint project on the Caspian Shelf.

"Russia and Azerbaijan are potentially considering a new collaborative project on the Caspian Shelf," Novak stated, Caliber.Az reports citing Russian media.

Novak highlighted the connections between Russia and Azerbaijan in the gas and oil sectors, specifically mentioning the Shah Deniz project. He noted that the Russian company Lukoil holds nearly 20% in the project and has invested a significant amount of money.

"As for bilateral cooperation, we have long-standing ties in the gas and oil sectors, with joint projects underway. One such project is Shah Deniz, where our Russian company Lukoil holds nearly 20% and has made substantial investments. We also have projects related to oil and oil product supplies," Novak told RT.