The study evolved out of a specified project demanding, apart from research, a concrete operational report for companies investing in the energy sector with interests in the Caspian Sea basin. It examines in detail all key factors evident at the start of the oil rush (1992-1995) in the Caspian basin, including the aspirations of all western and soviet or post soviet companies. The pipelines issue was examined thoroughly for the first time in Greece presenting the alternative routes though Turkey, from Baku to Tseychan, which was recently chosen as the only viable all-land route. The sea-route Burkash – Alexandropoulis was also examined and recommended upon, with its construction beginning within the present year. The role of Turkey, Iran, and Iraq, the U.S., the E.U. and the internal conditions of all states in the Tran Caucasus were also covered.