Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Azeri Oil Contract

MOSCOW -- Azerbaijan's state oil company and a consortium of four Japanese companies signed a contract Friday for joint exploration and development of oil deposits in the Caspian Sea, Russian news agencies reported.

Azeri President Heidar Aliyev said that the deal was worth an estimated $2.3 million. The deposits, in three areas of the Azeri sector of the Caspian Sea, are thought to contain 100 million to 150 million tons of oil, Itar-Tass said.

The Japanese firms are Japex, Inpex, Teikoku and Itochu, Interfax said.