Egypt’s Suez Canal Authority signs $2 billion petrochemical complex deal

CAIRO : Egypt’s Suez Canal Authority said on Wednesday it had signed a $2 billion strategic partnership agreement with Anchorage Investments to establish a petrochemical complex in Ain Sokhna, Egypt.
The first phase of the project aims to primarily produce polypropylene along with hydrogen.

In its first phase, the petrochemical complex aims to produce polypropylene (PP) as a primary product from propane feedstock, along with hydrogen as a byproduct, using an estimated $2 billion in investments.

The second phase, estimated to cost about $4.5 billion, will expand the complex to produce other petrochemical products, in addition to establishing “additional complementary industrial units focused on exports and sustainability”.

The establishment of a petrochemical industrial complex on the Authority’s land in Ain Sokhna falls within the Suez Canal Authority’s “clear strategy” to “maximize the utilization of its assets, diversify economic activities and diversify sources of income”, said SCA Chairman Osama Rabie.

The Suez Canal Authority is a public entity owned by the Arab Republic of Egypt, responsible for the operation, maintenance, and development of the Suez Canal. Established in 1956 following Egypt’s nationalization of the canal, the Authority manages canal revenues, oversees expansion projects, and regulates maritime traffic through one of the world’s key shipping routes linking the Mediterranean and the Red Sea.

Anchorage Investments is an Egypt-based private industrial investment and development company. It focuses on projects in the fields of petrochemicals, chemicals, and mining, with a strategy centered on export-oriented production and alignment with sustainability goals. The company was founded by Dr. Ahmed Moharram and has been involved in large-scale industrial developments within Egypt’s economic zones.

In a later phase, estimated to cost an additional $4.5 billion, Anchorage Investments would add complementary plants to produce other petrochemicals mainly intended for exports.