SOCAR is developing a program on increasing of oil extraction in the country and its implementation will be started in the early April, said SOCAR`s President Rovnag Abdullayev.
Abdullayev stressed that as a result of this project, it would be possible to increase extraction in oil fields of SOCAR by 1.2 mln tonnes per year.
The works on increasing the extraction will be achieved by application of new technologies in old sea deposits, as well as the Oil Rocks, 28 May, Narimanov and Absheron marine areas.
The SOCAR`s President declared that the funds earned from the placement of Eurobonds in the beginning of a week would be used for retuning of former loans and increasing of oil extraction.

AzerTAc