Arab Finance: The General Authority for Investment and Free Zones (GAFI) has signed a cooperation protocol with the Petroleum Trading Service Company (Petrotrade) for safe disposal of petroleum waste and used mineral oils at the investment and free zones, according to a statement on June 5th.
The protocol covers setting up a controlled system to circulate, manage, and treat petroleum waste as well as combating all forms of environmental pollution and illicit petroleum waste trafficking.
As per the deal, GAFI will require the companies operating in the investment and free zones to deliver hazardous waste to Petrotrade to be disposed, in addition to providing the latter with the companies’ data to raise their awareness of the danger that the environment could face if black market traders gained access to petroleum waste.
On the other hand, Petrotrade shall provide its services with competitive prices, alongside offering an environmental incentive and certificate to the companies that abide by the rules of safe disposal of waste.
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