Kyaukphyu Special Economic Zone is a 1,600-hectare (4,000-acre) Burmese special economic zone being developed on Kyaukphyu, Ramree Island, Rakhine State. Kyaukphyu SEZ was first announced in September 2013. The project initially began as a joint venture between the Chinese and Burmese governments, but has since transitioned to private developers. Kyaukphyu SEZ will be accessible to the Shwe gas field in the Bay of Bengal. The oil and gas terminal was financed by the China National Petroleum Corporation which built two pipelines for natural gas and oil.