SOCAR to transfer required amount of funds to develop Azerbaijan's oil science

The State Oil Company of Azerbaijan (SOCAR) and the National Academy of Sciences (ANAS) will prepare a charter of SOCAR's Scientific Fund within one month, SOCAR head Rovnag Abdullayev said.

"We will solve the issue with the charter of the fund and the funds within a month," he said. "We will start these operations in July to determine the directions of activity by September."

He said that SOCAR will regularly contribute to the fund for the operations on the development of petroleum and petrochemical science to be continued.

"The required amount will be transferred to the fund," Abdullayev said.

The State Oil Company of Azerbaijan (SOCAR) and the National Academy of Sciences (ANAS) signed a memorandum of understanding to establish SOCAR's Scientific Fund.

The document was signed by SOCAR head Rovnag Abdullayev and ANAS president Mahmud Kerimov

It was stressed that the establishment of the fund aims to stimulate research in the oil and gas industry, natural resources, to increase the need for such operations and to adequately present Azerbaijani science in the world science.

It was also stressed that SOCAR's Scientific Fund will create the conditions for the oil and gas science to enter a qualitatively new stage, to turn oil capital in human capital and to increase the role of young scholars in the development of technical science.


/Trend/