Suez Canal Authority and Anchorage Investments have signed a partnership agreement worth $2 billion to establish a major petrochemical industrial complex in Egypt within the Suez Canal Economic Zone (SCZONE).

Under the agreement, Suez Canal Authority will become a equity shareholder in the Anchor Benitoite Complex, which will be developed on a land parcel owned by the Authority in Ain Sokhna, located in the northwest of Gulf of Suez.

The Complex, which marks the first phase of the Anchorage’s integrated industrial development model, will comprise a Propane Dehydrogenation (PDH) unit, and Polypropylene (PP) Plant with a production capacity of 750 KTA [750,000 metric tonnes per year], the company said in a press statement. 

The first phase will support future expansions into downstream and complementary industrial units and integrated chemical facilities within the C3 value chain at an estimated investment of approximately $4.5 billion and a targeted output 1.9 million tonnes per annum (MTA) of saleable chemical products.

In August 2022, a Zawya Projects report stated that Anchorage Investments had shortlisted Hyundai E&C, Samsung Engineering, Technip Energies and Tecnicas Reunidas for the Engineering, Procurement and Construction (EPC) contract for the Complex.

(Writing by Majda Muhsen; Editing by Anoop Menon)
(anoop.menon@lseg.com)

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