New projects in Southern district to help double oil production by 2020

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New projects in Southern district to help double oil production by 2020 - Putin

VOLGOGRAD. May 6 (Interfax) - New projects in Russia's Southern Federal District will make it possible to double oil-extraction to 20 million tonnes by 2020, Prime Minister Vladimir Putin said during an inter-regional United Russia conference.

"New projects in the region will make it possible to double extraction from today's ten million tonnes to twenty million by 2020," Putin said.

Putin also said the plan is for 300 billion rubles to be put into the construction of new and modernization of existing oil refineries in the region and increasing depth-of-processing over the next four years.