Egypt’s Suez Canal Authority (SCA) announced on Wednesday that it has signed a partnership agreement with Anchorage Investments, an Egyptian company, to develop a major petrochemical complex in Ain Sokhna, located in the northwestern Gulf of Suez.
The first phase, valued at over USD 2 billion, will establish core production facilities to manufacture polypropylene from propane, with hydrogen generated as a byproduct. A second phase, worth approximately USD 4.5 billion, will introduce complementary petrochemical units designed to enhance export capacity and integrate sustainable, value-added production.
According to the SCA statement, the Anchor Benitoite Chemicals Complex is expected to boost Egypt’s foreign currency revenues through petrochemical exports and create more than 2,500 jobs across construction and operations.
At the signing ceremony, SCA Chairman Osama Rabie emphasized that the partnership aligns with the Authority’s broader strategy to diversify its economic activities and strengthen its contribution to national industrial and trade growth.
Ahmed Moharram, Founder and Managing Director of Anchorage Investments, described the collaboration as “a shared vision and a firm commitment to developing long-term, world-class, export-oriented industries that advance Egypt’s industrial landscape and move beyond traditional product lines.”