Iraq oil and gas free zone to be created

Image source: JK/Stock.XCHNG.The Iraq General Commission of Free Zones and Basra International Oil and Gas Hub (BIOGH) have formed a joint venture to create a specialised oil and gas free zone at Khor Al-Zubair, Basra

The specialised free zone will cover 11mn sqm and be located next to Iraq’s strategic oil and gas port in Khor Al-Zubair.

The zone will provide a mixed-use site for manufacturing and storage and fulfil the increasing requirements of Iraq’s oil and gas sector.

The free zone will be entirely self-sufficient in terms of power generation, water, telecommunications and waste management processing and will include permanent residential accommodation and recreation facilities.

Users will be provided with long-term agreements and a fast-track process for regulatory approvals.

The Iraq General Commission of Free Zones will carry out all administrative functions and, facilitate on-site customs clearance and the provision of work permits.

BIOGH will be the developer of the project with responsibility for the construction and design, infrastructure, project financing, marketing and management of the free zone.

An economic impact assessment study for the project predicted that the BIOGH project will employ approximately 10,000 Iraqi nationals over an initial period of 12 years, with the number of employees expected to increase during the life of the project.

“The creation of the BIOGH Oil and Gas Free Zone is the most significant investment contract entered into by the Iraqi Free Zones Commission,” said the director general of the Iraq General Commission, Dr. Sabah Al-Qaisi.

“BIOGH will be the second largest oil and gas free zone in the world, and it will greatly contribute to the economy of Iraq by attracting significant foreign direct investment and modern technology.”

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