Anchorage Investments, a company operating in the development, investment, and operation of industrial projects in the petrochemical sector, is launching its Anchor Benitoite project in the industrial zone of the Suez Canal Economic Zone, with an investment of more than USD 2bn.
The company is issuing a tender to select the main engineering, procurement, and construction (EPC) contractor for the project, Anchorage said in a statement.
The Anchor Benitoite Project is a major industrial complex in Ain Sokhna, Suez, Egypt, that is to encompass several production units to produce a range of derivatives and petrochemical products, intended to accommodate the growing regional and global demand for Anchorage Investments’ petrochemical products. Thanks to the unique investment climate in the Suez Canal Economic Zone coupled with the modern technologies used in the manufacturing process, Anchor Benitoite will offer unique high-quality petrochemicals.
The project will enhance the economic value of its feedstock of natural gas derivatives, contribute to the growth of Egypt’s GDP, boost the country’s petrochemical exports, and stimulate further foreign direct investment inflows, from foreign and Arab countries, and benefit from the favourable investment climate in Egypt and the promising opportunities in the market.
The UAE has been one of Egypt’s top investors, with more investments being funneled into many Egyptian industries and companies operating in several fields. The volume of direct Emirati investments in Egypt amounted to about USD 15bn, which received a further boost at the end of last year when the two countries launched a joint strategic investment platform worth USD 20bn.
Several agreements in the petrochemical sector have been recently announced in the Suez Canal Economic Zone involving major local, foreign, and Arab companies with a total investment volume of more than USD 10bn.