The House of Representatives gives the final approval on amending Article 34 of the Investment Law No. 72 for 2017 allowing the licensing of natural gas-based industry projects, especially fertilizers and petrochemicals, to work under the free zones systems.
The amendment stipulated that it should not conflict with Law No. 133 of 2010 on licensing of petroleum refining projects. Additionally, projects in the fields of iron and steel, alcohol industries, weapons, ammunition and explosives industries, and others related to national security are all prohibited operate in the free zone.
The amendment aims to encourage other projects operating in these activities to work under the free zone system. It will also create new areas for investment in addition to attracting large capital investments that reflect positively on the state’s public treasury.