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. Last Updated: 07/27/2016

Oil Accord in Sight

MOSCOW -- Talks on a multibillion-dollar oil production-sharing agreement in Russia's far north may be completed by the end of this year, a spokesman for the Fuel and Energy Ministry said Wednesday. He said a new round of negotiations on the project, known as Timan-Pechora, would take place later in June and a final agreement would probably be signed by the end of the year. The project is estimated to cost between $45 billion and $58 billion over the 47-year life of the project.