§ 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 128WA 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.