Egypt’s Anchorage Investments, which develops, implements, and operates industrial projects in the chemicals and blue hydrogen sectors, announced on Tuesday that it has shortlisted four international contractors for the EPC (engineering, procurement, and construction) tender for its $2 billion Anchor Benitoite project in the Suez Canal Economic Zone.

The company said it has shortlisted Hyundai Engineering & Construction and Samsung Engineering from South Korea, Technip Energies of Italy, and Tecnicas Reunidas of Spain for the EPC contract.

The Anchor Benitoite complex, based at the southern terminus of the Suez Canal, will use natural gas feedstock to produce a range of derivatives and petrochemical products to meet regional and global demand.

The tendering process for the EPC contractor was launched in March 2022.

The statement said the successful contractor will be responsible for executing the Front-End Engineering Design (FEED) phase, followed by full engineering, procurement, construction, commissioning, and launch of operations.

It said the project is expected to be completed within three years after the FEED phase.

In December 2021, Anchorage Investments had announced that financial close would be completed by 2023.

(Writing by Anoop Menon; Editing by Seban Scaria)