HL Deb 12 January 1998 vol 584 cc127-8WA
Lord Pearson of Rannoch

asked Her Majesty's Government:

Whether they are satisfied that the estimates of substantial oil reserves in the Caspian Sea are accurate and, if those estimates were to prove exaggerated, what difference that might make to the Government's policy in the Transcaucasus.

Baroness Symons of Vernham Dean

It is generally accepted that the oil reserves in the Caspian Sea are substantial, but estimates vary considerably. Our principal policy objectives in the Transcaucasus are underpinning the countries' independence and territorial integrity, supporting efforts to resolve conflicts, encouraging political and economic reform. and increasing bilateral trade. These objectives are unaffected by the level of Caspian oil reserves.