The Likely Effects of the Current Credit Crunch on Contractors in the Energy Sector

The worldwide banking sector has been thrown into disarray over the past few weeks with nationalisation, bankruptcy and acquisition of leading banks. The stock markets is reeling with the Nikkei loosing some 10% today on Friday 10th October. The world is being driven into a recession and the prospect of a depression can no longer be discounted.

At the same time, the hope within the energy sector is that additional supplies of energy come to market through the construction and commissioning of the mega projects within the energy sector in the Middle East.

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