A Special Economic Zone (SEZ) (sometimes referred to as Freezone in some countries) is a specifically delineated duty-free enclave and shall be deemed to be foreign territory for the purposes of trade operations and duties and tariffs.
In other words, SEZ is a geographical region that has economic laws different from a country's typical economic laws.
What is the relation between OWS and SEZ?
Oil Field Warehouse & Services Ltd (OWS) is the pioneer of SEZ based material management services in India. OWS started its commercial operations in 2006 and since then has gone on to become the preferred partner of choice of some of the largest Oil & Gas companies operating in India. With its focused approach on Indian exploration sector, OWS has developed systems and practices which have today been adopted as industry wide best practices.
What are the benefits of the OWS SEZ model?
The SEZ based warehousing model pioneered by OWS in India offers the following benefits:
- Duty Free Consolidation & Better Cash Flow Management
- No Time Limit On How Long You Can Store Goods In SEZ
- Carry Out Value Added Servcies Including Assembly, Labelling and Repackaging
- Improved Asset Utilization
- Eliminate Demurrage Charges
- Re-Export Of Excess Capacity Imports