LUKoil Eyes Arctic Oil

Russia's second-largest oil company will push for legislation to allow independent producers to compete for the right to tap the rich energy reserves of the Arctic.

LUKoil President Vagit Alekperov says the company is anxious to get a piece of the Russian Artic shelf, which is dotted by oil deposits.

Though no one is drilling yet in the Arctic, the Russian government has so far allowed only state-owned companies to offer plans.

Alekperov told reporters while announcing the company's results late last week that he seeks a level playing field for independents.

(AP)

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