RUSSIA, WORLD BANK LAUNCH $758 MILLION HOUSING PROJECT.

With the help of a $400 million loan from the World Bank, Russia launched a $758 million house-building project, construction minister Yefim Basin said on September 29. According to his presentation, the project’s objective is "to leverage private investment in small-scale construction and building material industries," thus stimulating the development of a private construction industry in Russia. Five Russian cities, St. Petersburg, Novgorod, Nizhny Novgorod, Tver and Barnaul, have been chosen for the first stage of the project. Moscow will be added at the second stage.

Mobil to Begin Oil Exploration in Kazakhstan.