Anchorage Investments is still serious about its proposed mega petrochemical complex in Ain Sokhna, inking a strategic partnership agreement with the Suez Canal Authority yesterday for the project, according to a statement from the authority. The project will be built on authority-owned land and will play a role in driving the state’s industrialization push, reducing the petrochemical import bill, and employing some 2.5k workers, according to the statement.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

The project — under the name Anchor Benitoite — has been in the works since at least2021. It lined-up a contractor, inked tech agreements with Honeywell, shortlisted contractors, and was bidding for a golden license. The company recommitted to the project in 2023, but had been largely silent since.

The project is back with a larger USD 6.5 bn price tag, up from the USD 2.5 bn announced in 2023. The complex’s first phase of development will cost USD 2 bn and primarily produce polypropylene and hydrogen as a secondary product. The second phase will come in at USD 4.5 bn and enable the plant to expand into other petrochemical products.

Tags: