It also continued to sign and ratify new PSAs with world oil Companies, with three new ones involving U.S. companies in 1999. Growth in FDI since 1995 has been largely due to investment by foreign oil companies. The oil sector accounted for 74 percent of total FDI in 1997 and is hovering around 80 percent at end 1999. The current account deficit is expected to continue until oil export revenues rise to significant levels, around 2005. Turkey is its largest single trade partner with Russia second, and, outside the CIS, Iran.
Taxes are high enough to be considered investment disincentives.
Commercial laws are developing slowly, as are accounting standards and capricious tax administration.