PETROCHEMS-

Anchorage Investments signs MoU for petchem complex: Anchorage Investments has signed an MoU with the Suez Canal Economic Zone (SCZone) for its proposed USD 2.5 bn petrochemical complex, the Suez Canal Authority said in a statement Thursday. The statement did not disclose any details of the agreement.

Background: The company, which has been planning the facility since 2021, received a boost last month when the government indicated that it could hand it a golden license, allowing it to expedite the approvals process and get the project off the ground. The facility will produce a range of petrochemical products and natural gas derivatives, some of which will be exported to overseas markets.

DEBT-

EGPC subsidiary wants a big loan to buy petroleum products: Co-operation Petroleum Company (Copetrol) wants to secure an EGP 10 bn syndicated loan led by Banque Misr and the National Bank of Egypt (NBE) to finance urgent purchases of petroleum products for its parent company, the Egyptian General Petroleum Company (EGPC), Asharq Business reports, citing two unnamed sources its says are in the know. The loan matures in ten years, one of the sources added.

Copetrol is a major fuel distributor and marketer: The company has a 31% market share for major petroleum products and 20% for oils, according to Asharq.

ENERGY-

Egypt + Jordan strengthen natgas cooperation: Egypt and Jordan have signednatural gas cooperation agreements aimed at making it easier and cheaper for Egyptian gas to reach Jordan, the Oil Ministry said in a statement yesterday. Under the first pact, the two countries will work to increase flows of Egyptian gas through the Arab Gas Pipeline — which links Egypt with Jordan, Syria and Lebanon — to feed industrial zones in the kingdom. The second agreement will see Egypt and Jordan reduce operational costs of LNG shipments by jointly using the floating LNG terminal at Jordan’s southern port of Aqaba.

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