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“In the meantime, according to some sources close to the Russian Ministry of Energy, the Chechnya Republic can not be the only region in Russia, the expansion in which could be of interest to GenOil. An interest of the company may be also related with the Bashkorotostan republic, the region in the Russian Urals, which is characterized by the existing several large hard-to develop oil fields of the Bazhenov Formation, as well as the Russian continental shelf.”

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Canadian investors eye huge investments in Russian oil industry