Anchorage Investments launches $2 billion petrochem project in Suez economic zone

Petrochem operator Anchorage Investments said on Wednesday it will issue the engineering, procurement, and construction (EPC) tender to select the main contractor for its Anchor Benitoite project set to be established in the General Authority for the Suez Canal Economic Zone (SCZone) industrial area, with investments worth more than $2 billion.

The Anchor Benitoite Project comprises several production units to provide a wide range of high-quality derivatives and petrochemical products benefiting from the SCZone’s investments climate and new manufacturing technologies.

The project will contribute to the further growth of Egypt’s GDP, boost the country’s petrochemical exports, and stimulate further foreign direct investment inflows, Anchorage Investments said in a statement.

The project is expected to be completed within three years once the engineering and design phase is completed, and is intended to cover the growing demand on Anchor Benitoite’s petrochemical products.

Anchorage Investments will issue the Pre-Qualification Requirements (PQR) prospectus in mid-March, as the first stage of the EPC tendering process. The EPC finalist will be responsible for completing the procedures required for the Front-End Engineering Design (FEED) phase based on an Open Book Cost Estimate (OBCE) convertible to a Lumpsum Turnkey (LSTK) contract that involves provision of all needed procurement, and implementation of all EPC preparations and execution works, the company said.

“More than 20 international companies with high credit ratings are participating in the Anchor Benitoite project including pioneering technology licensors, project management firms, feedstock suppliers, products’ off-takers, operation and maintenance company, and reliable foreign financial institutions.” Dr Ahmed Moharram, the Founder and Managing Director of Anchorage Investments, said in a statement.

Moharram highlighted that the project will benefit from to the many strategic and economic advantages provided in the SCZone industrial complex, the encouraging investment laws and policies, the favourable investment environment and swift procedural requirements.