A strategic partnership agreement was signed between the Suez Canal Authority and Anchorage Investments to establish a complex on land owned by the authority in Ain Sokhna, northwest of the Gulf of Suez, within the Suez Canal Economic Zone.
The petrochemical complex aims to produce polypropylene (PP) as a primary product from propane, along with hydrogen as a byproduct, in its first phase, with investments exceeding $2 billion.
The complex will expand in its second phase to produce other petrochemical products, in addition to establishing complementary industrial units focused on export and sustainability, at an estimated cost of $4.5 billion.
The project aims to create more than 2,500 direct and indirect job opportunities upon completion of construction and commencement of operations.
This project is part of a clear strategy by the Suez Canal Authority to maximise the utilisation of its assets and diversify economic activities, thereby increasing revenue streams and adding value to the Egyptian economy by contributing to a reduction in Egypt’s petrochemical import bill and bolstering the export base to strengthen the country’s foreign currency reserves.
