Trans Caspian gas pipeline project should be viewed within sovereign rights of Azerbaijan and Turkmenistan.

The negotiations on the legal status of the Caspian Sea are held in both bilateral and multilateral format within a special working group on the level of deputy's foreign ministers.

Mr Khalaf Khalafov deputy foreign minister of Azerbaijan said that significant changes have occurred in the approaches of the Caspian littoral states on the Caspian status over the past year and important steps were taken as a result of rapprochement in their positions.

Mr Khalafov said that a new page opened in the oil and gas sector of Azerbaijan with the signing of the Contract of the Century. Currently the investments in oil and gas sector of our country exceed USD 50 billion. A total of USD 120 billion has been invested in Azerbaijan's economy since 1995.

He said that Azerbaijan has turned into a big gas exporter. Signing ceremony of the TANAP project between Azerbaijan and Turkey in Istanbul on June 26th 2012 will serve implementation of relevant projects. In this sense the Trans Caspian project is especially relevant. The fierce debates around the project show the existence of its supporters and opponents. The Trans Caspian pipeline project should be viewed within the sovereign rights of Azerbaijan and Turkmenistan. The international law allows this. We are also ready to contribute to enlivening of this Trans-Caspian project.

Thus, transport and communication opportunities formed by Azerbaijan in the Caspian region serve interest of all regional countries. We present our transit opportunities to Kazakhstan, Turkmenistan and other Central Asian countries. Additional measures are taken to expand these opportunities, the biggest international port in the Caspian Sea is being built new ferries and tankers are purchased, and a new modern shipyard is being built in Baku. The railway project connecting Azerbaijan, Georgia and Turkey will pave the way for a new level of transport and transition.