Anchorage Investments plans to develop a massive USD 2.5bn petrochemicals project in the Suez Canal Economic Zone, the company said in a statement.
The petrochemicals project is set to be an industrial complex that will help make improvements to the petrochemicals industry, enhance gross domestic product (GDP) growth, and raise foreign direct investments (FDI).
Anchorage’s project is expected to boost annual domestic production by 812,000 tons, expecting to create over 2,500 job opportunities in the petrochemicals sector.
The project output will include Polyolefin and Olefin, which is set to enhance the natural gas derivatives’ economic value.
“Our projects and strategic plans aim to enhance the opportunities for cooperation with Egyptian government institutions, in line with their future goals of creating exceptional national projects with great investment returns to advance local economic growth and continue the path of prosperity and progress that Egypt is witnessing at all levels,” Anchorage Investments’ Founder and Managing Director Ahmad Moharram said.
“Petrochemical projects are inherently finance-intensive and there is usually intense competition for necessary funds. However, we have received unprecedented support from various government institutions, which has enabled us to overcome these difficulties and take fruitful steps that will help advance and develop this sector within the best international standards, so that Egypt becomes a leading regional and international hub for the petrochemical sector,” he added.