Caspian Sea rail ring: Azerbaijan, Iran, Kazakhstan, Russia and Turkmenistan have agreed to build a railway ring around the Caspian Sea linking the country’s major seaports and reducing the time and cost of cargo transportation of goods. The agreement was hammered out at the Caspian Sea summit being held in Astrakhan where, according to Turkmenistan’s President Gurbanguly Berdimuhamedow and his counterparts also agreed that each country’s sovereign territory should extend 15 nautical miles from its coastline. Turkmenbusiness