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Tatneft Eyes Return to Libya

Tatneft is hoping to return to Libya when the situation there stabilizes, chief executive Shafagat Takhautdinov said, Interfax reported.

"We hope to return soon. We're waiting for the political situation to stabilize," Takhautdinov said Saturday.

Tatneft faces force majeure conditions both in Libya and Syria, he said.

"The situation in Libya is stabilizing more or less, but the matter of our workers' safety does not at this point allow a return to the region," he said.

Tatneft suspended operations in the country after a civil war began in Libya in February 2011.

Tatneft and Libya's National Oil Corp. previously explored oil blocks in the Ghadames and Sirt regions. The Russian oil company concluded deals to develop these blocks in 2005 and 2006.


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