Egypt’s Suez Canal Authority inks $2b petrochemical complex deal in Ain Sokhna
Egypt’s Suez Canal Authority (SCA) signed a strategic partnership with Anchorage Investments on Wednesday to build a petrochemical complex in Ain Sokhna, within the Suez Canal Economic Zone (SCZONE), with investments exceeding $2 billion in the first phase, the authority said in a statement.
The project’s initial phase will produce polypropylene (PP) from propane feedstock, with hydrogen generated as a byproduct. A second phase will expand production to additional petrochemicals and develop export-oriented and sustainability-focused industrial units, bringing total investment to an estimated $4.5 billion.
The complex is expected to create more than 2,500 direct and indirect jobs and will feature occupational health and safety programmes to train the local workforce.
SCA Chairman Osama Rabie said the project supports the authority’s strategy to maximise asset use, diversify revenue streams, and boost foreign currency earnings by expanding exports and reducing petrochemical imports.
Ahmed Moharram, Founder and Managing Director of Anchorage Investments, said the complex – named Anchor Benitoite – marks the first stage of a wider plan to expand Egypt’s chemical manufacturing capabilities in line with global energy transition goals.
Attribution: Amwal Al Ghad English
Subediting: Y.Yasser