Company announces the preparation for the issue of the EPC tender for its Anchor Benitoite project
Egypt-based petrochemicals firm Anchorage Investments is preparing to embark on the engineering and construction of its Anchor Benitoite project in the industrial zone of the Suez Canal Economic Zone.
With an investment cost of more than US$ 2bn, the company will issue a tender to select the main engineering, procurement, and construction (EPC) contractor for the project, the company said in a press statement.
The Anchor Benitoite Project is a major industrial complex in Ain Sokhna, Suez, Egypt, that is to encompass a number of production units to produce a range of derivatives and petrochemical products.
The project will enhance the economic value of its feedstock of natural gas derivatives, contribute to the growth of Egypt’s GDP, boost the country’s petrochemical exports, and stimulate further foreign direct investment inflows, from foreign and Arab countries.
The UAE has been one of Egypt’s top investors, with more investments being funneled into many Egyptian industries and companies operating in several fields.
The volume of direct Emirati investments in Egypt amounted to about US$ 15bn, which received a further boost at the end of last year when the two countries launched a joint strategic investment platform worth US$ 20bn, the press note continued. “The project is located in the Suez Canal Economic Zone in Ain Sokhna, thanks to the many strategic and economic advantages provided,” affirmed Dr Ahmed Moharram, Founder and Managing Director, Anchorage Investments.