The Russian government may exempt oil fields in the Caspian Sea from export duties, OAO Lukoil Holdings (LKOH.RS), the country's second-biggest privately owned oil producer, said Wednesday.

Vice President Leonid Fedun said that the company will speed up its Caspian Sea projects if the government goes through with the measure.

Russian media reported earlier this week that the government was considering the duty exemption--which has been used to encourage production in the remote region of East Siberia --and analysts predicted that confirmation would drive the stock's short-term performance.
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