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We derive analytical expressions for the performance of a long-haul DWDM communication system employing in-line phase insensitive fiber optic parametric amplifiers (FOPA). In our analysis the impairments of both transmission fibers and FOPAs are taken into account. The analytical model is verified with simulations. The performance of FOPA is compared with EDFA and it is shown that a broad band long-haul DWDM transmission system based on FOPAs as in-line amplifiers could be feasible.