Turkey Gets Bigger Share In Azerbaijani Oil

Turkey increased its stake in vast Azerbaijani oil fields under the Caspian Sea in a deal Wednesday that will help reduce its dependence on imported oil.

The agreement gives Turkey an additional 5 percent share in the $7.5 billion development project for the oil fields, which hold an estimated 3.8 billion barrels of crude oil.

Turkey already owned 1.75 percent of the project, and its new stake will give the country nearly as much oil as it produces. Turkey now expects to receive 16 million barrels of crude from the project each year - worth some $300 million. It imports $3 billion in oil a year.