17.10.2008 - 30 Turkish construction projects face risk of suspension in Russia
From Hurriyet.com.tr: Some 30 construction projects lead by Turkish firms risk being suspended after Russia’s economy was hit hard by declining oil and gas prices amid a global financial crisis, Milliyet daily reported on Thursday. Ali Ihsan Akiskalioglu, head of the Association of Russian-Turkish Businessmen (RTIB) said Russian revenue were mainly depended on gas and oil exports and Russian banks were facing difficulty in sourcing funds from international markets which has led to a funding problem, Milliyet reported. Crude oil slumped more than 50 percent to below $72, its lowest level in 13 months on Thursday, after hitting a record high $147 in July. The sharp decline in oil prices occured as recession fears raised concerns about a prolonged drop in energy demand..... Full Article: Source
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