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    30 Turkish construction projects face risk of suspension in Russia

    HotNewsTurkey Staff
    16.10.2008 - 15:53 | Son Güncelleme:

    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.


    "The construction sector is one of the first affected during these kinds of crises. Nearly 30 Turkish projects are about to be halted or are being slowed. It is possible that they would be fully halted if the financial crisis continues," Akiskalioglu said.


    A total of $1.5 billion worth of projects undertaken by Turkey are at risk, he added.


    Russia is the second biggest market for the Turkish construction sector after Libya. Turkish constructors currently have 59 ongoing projects in Russia worth $3.6 billion of the total $20 billion in international projects.



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