Egypt’s Suez Canal Authority (SCA) has signed a strategic partnership agreement with Anchorage Investments to build a petrochemical complex in Ain Sokhna, the state-owned firm said on 22 October.
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.
No timeline was given for construction or plant startup in the statement.
Source: ICIS
