Press Release: Basra Oil & Gas International Free Zone
NEW YORK, Jan. 24, 2013 /PRNewswire-iReach/ -- International Developer EPGI awarded 11 Million Square Metre oil and gas project in Iraq
Basra, Iraq: January 23, 2013- International developer EPGI today announced that they have been awarded the development management contract to develop and build the new Basra Oil and Gas International Free Zone in Iraq. The project is the second largest of its kind in the world covering over 11 million square metres, and is strategically located near the southern Iraq oil and gas production areas. The development comprise of a mixture of uses dedicated to the oil and gas industries, including industrial, warehousing, oil storage, commercial and residential accommodation, as well as ancillary uses, and will have its own dedicated customs and future air transport facilities. The project will be developed by BIOGH (Basra International Oil and Gas Hub Limited) in joint venture with the Iraqi Free Zone Authority (FZA), an independent authority under the Ministry of Finance.
The Free Trade Zone is located within 125 kilometers of over 70% of Iraq's proven oil and gas reserves. It has excellent access to air, rail, and roads, and is immediately adjacent to the port of Khor al Zubair. It is 35 kilometers from Basra City Centre, 30 kilometers from Basra International Airport, 15 kilometers from Umm Qasre Port and is within 30 kilometers from the Kuwaiti border crossing. The proximity of the Free Trade Zone to southern Iraq's oil and gas density is considered a key factor of its development.
The Free Trade Zone (FTZ) will operate within the terms of Iraq's Free Zone Law and its regulations, as being outside Iraq's custom borders. Goods, equipment, and machinery that is imported to, or exported from, the free zone are not subject to duties or custom controls. As part of the Free Zone Authority, there is no VAT, no capital gains or corporation taxes. Off shore banking is permitted and there are no foreign exchange restrictions.
"The Free Trade Zone is considered pivotal in encouraging foreign investments, transferring technologies, and creating employment. It has been estimated that BIOGH and the FTZ will employ approximately 10,000 Iraqi nationals over an initial period of 12 years," says Richard Cotton, the International Marketing Director for BIOGH.
Iraq is one of the world's largest producers of oil and has proven reserves to remain a long-term leading supplier to the global markets.
EPGI has the development management agreement with BIOGH to deliver the development to the market. EPGI is a privately owned international real estate firm that has provided the highest level of quality, service and value to its clients and investors for almost 20 years.
Stuart Phillips, GDS, 9174433215, email@example.com
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