Following the completion of Phase I, the Government of Pakistan in February 2007 signed a 40-year agreement with PSA International for development and operation of the port, and an adjacent 584-acre special economic zone. PSA International was the highest bidder for the Gwadar Port, after its competitor DP World withdrew from the bidding process. PSA was granted a wide range of tax concessions, including exemption from corporate tax for 20 years, land for a special economic zone, duty-free imports of materials and equipment for construction and operations of the port, and duty-free shipping and bunker oil for 40 years. In addition to these incentives, the provincial government of Balochistan was also asked to exempt PSA International from the levy of provincial and district taxes. According to the agreement with PSA, the Government of Pakistan was to get a fixed 9% share of the revenue from cargo and maritime services, in addition to 15% of revenues earned from the adjacent special economic zone.