Anchorage Investments launches its $2bn major petrochemicals project in the Suez Canal Economic Zone

Cairo, Egypt: Anchorage Investments, a company operating in the development, investment, and operation of industrial projects in the petrochemical sector, 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 $2bn.

The major industrial complex, 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 the manufacturing modern technologies implemented for the constituent production units, and is intended to cover the growing demand on Anchor Benitoite’s petrochemical products. The project will contribute to further growth of Egypt’s GDP, boost the country’s petrochemical exports, and stimulate further foreign direct investment inflows from foreign and Arab countries leaning on the favorable investment climate in Egypt and the promising opportunities in the market. The project is expected to be completed within three years once the engineering and design phase is completed.

Anchorage Investments will issue the Pre-Qualification Requirements (PQR) prospectus mid-March, as the first stage of the EPC tendering process, then world's top specialized EPC contractors will be shortlisted. 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.

 “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.

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, and the favorable investment environment and swift procedural requirements.