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Russia's Tatneft sees JV with Shell by mid-2008

Russian mid-sized oil firm Tatneft hopes to set up joint venture with Royal Dutch Shell (to tap heavy oil deposits in mid 2008, the Russian firm said.

“We would like to set up the venture this summer,” Vasily Mozgovoi, advisor to Tatneft's chief executive, told Reuters.

He added the company believed investments would make sense if the joint venture produced in the range of 100,000 barrels per day. (Reuters)