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. Last Updated: 07/27/2016

Oil Deal for Far North

MOSCOW () -- Talks on a multibillion-dollar oil production-sharing agreement in Russia's Far North may be completed soon and the deal signed by year-end, a Fuel and Energy Ministry spokesman said Monday.

The project, known as Timan-Pechora, involves Texaco of the United States and a consortium including Norway's Norsk Hydro and the United States' Exxon and Amoco. Total investments are estimated at $45-$58 billion.