Kish Free Economic Zone will be converted into an oil trade center, managing director of Manufacturing Support and Procurement Kala Naft Company was quoted by Shana news agency as saying.
Establishment of the center in Kish free zone is a project pursued by the oil ministry, and is currently under review, Ezatollah Akbari said, adding: “Soon we expect to hear good news in this regard.” Free trade zones and special economic zones are parts of Iranian territory that are regulated by special laws other than those of the mainland. The zones are excluded from the domain of custom authorities, and enjoy freedom in export and import without tariff.
Kish has a surface area of 90 square kilometers, with an outer boundary of 40kms. It is located in the Persian Gulf 19 km from mainland Iran. The presence of international oil and gas companies supporting South Pars and Assalouyeh has created the need for the establishment of an oil exchange market in this island off the strategic Persian Gulf.
No entry-visa requirements, 20-years tax exemption, 100 percent foreign ownership, flexible monetary and banking services, active international stock exchange and oil & petrochemical bourse, exemption from customs duty on imported raw materials and machineries for manufacturing units, easy procedures for re-export and transit of goods, and proximity to the energy-rich Assaluyeh regions are among the advantages of Kish Free Economic Zone.
