Presidents of the five states bordering the Caspian Sea failed to agree Wednesday on how to divide its wealth, leaving untapped the vast undersea oil and gas reserves - believed to be the third largest in the world.

Even a vague general declaration that had been expected to be signed on the exploitation of the Caspian eluded the presidents of Russia, Iran, Azerbaijan, Kazakhstan and Turkmenistan.

Infighting dominated the long-delayed, two-day summit in the Turkmen capital. The leaders agreed only to continue talks at some unspecified date, perhaps next spring in Iran.

"We agreed to continue these discussions on all aspects of cooperation," Russian President Vladimir Putin said at a news conference. Putin called the talks "open and constructive" but not more.

The legal status of the Caspian has been in limbo since the Soviet collapse more than 10 years ago, hindering exploration and pumping of the undersea wealth. The Soviet Union and Iran had equally shared control of the Caspian.

During the talks, Iran said it wanted to maintain its 50 percent share, and Putin publicly did not spell out Russia's position clearly. The other three want a share based on national sectors.

The Caspian oil has taken on strategic importance as Western nations seek alternatives to Persian Gulf oil. Meanwhile, both Russia and Iran want to counter a buildup of American military influence in Central Asia that followed the Sept. 11, 2001, terrorist attacks in the United States.

President Saparmurat Niyazov of host Turkmenistan had hoped that the summit would increase his prestige, but the Russian delegation spent much of its time courting Iran and Kazakhstan.

Niyazov warned of the dangers of military conflict over territorial disputes and said twice during the summit that "the Caspian smells blood."

Iranian President Mohammad Khatami insisted that the Caspian, where five navies have gunboats on patrol, should be demilitarized.

Disputes occur frequently, as each country jockeys to assert its claims. Turkmenistan and Azerbaijan are quarreling over who has sovereignty over several exploratory wells in the middle of the Caspian, and Iran has denounced an agreement between Kazakhstan and Azerbaijan on sharing Caspian resources.

At the end of Wednesday's four-hour meeting, Niyazov said that all five countries had "agreed to prevent conflicts and behind-the-scenes games."

But progress was not achieved on any major issues, including division of the seabed, fishing and ecological degradation.

PHOTO CAPTION

Iranian President Mohammad Khatami, left, and Russian President Vladimir Putin embrace each other during a summit of Caspian Sea leaders who failed to agree on how to share its resources in Ashgabat, Turkmenistan, Wednesday, April 24, 2002. (AP Photo/Misha Japaridze)