Anchorage Investments announced on Wednesday the launch of the tendering process to appoint the main contractor for its $2 billion Anchor Benitoite petrochemicals complex in Suez, Egypt.

Anchorage Investments specialises in developing, investing, and operating industrial projects in the petrochemical sector.

The company said in a press statement that it would start tendering process this month (March 2022) to select the main engineering, procurement, and construction (EPC) contractor for the complex located within the industrial zone of the Suez Canal Economic Zone in Ain Sokhna.

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.

Anchorage Investments said it would issue the Prequalification Requirements (PQR) prospectus in mid-March as the first stage of the EPC tendering process. EPC contractors specialising in propane dehydrogenation (PHD) and propylene production would be selected.

The statement noted that the EPC contractor reaching the final selection would be responsible for executing and completing the activities and procedures required for the Front-End Engineering Design (FEED) phase based on an Open Book Cost Estimate (OBCE) subject to conversion to a Lump Sum Turnkey (LSTK) contract.

The statement added that the project is expected to be completed within three years following the engineering and design phase.

Ahmed Moharram, the Founder and Managing Director of Anchorage Investments, said: More than 20 international companies with high credit ratings will participate in the Anchor Benitoite project, including pioneering technology licensors, project management firms, feedstock suppliers, products' off-takers, the operation, and maintenance company, and reliable foreign financial institutions and commercial banks."

In December 2021, Anchorage Investments had announced the appointment of Duff & Phelps as lead financial advisor and coordinator of the financing for the petrochemicals complex. A press statement issued said financial closing is due to be complete by 2023.

In May 2021, US-based Lummus Technology had announced that its Novolen business had been selected as the PP licensor by Anchorage Investments for its Anchor Benitoite project. Lummus said its scope includes the technology license for a 590 KTA polypropylene unit and basic design engineering, training and services, catalyst supply, and operator training simulator services.

In April 2021, Honeywell had announced that Anchorage would use Honeywell UOP's C3 Oleflex technology to produce 750,000 metric tonnes per year of polymer-grade propylene for the petrochemicals complex.

(Writing by SA Kader; Editing by Anoop Menon)