Egypt's Anchorage Investments has shortlisted four international companies to build a $2 billion petrochemical complex in the Red Sea's Suez Canal Economic Zone.

These are South Korea's Hyundai and Samsung, Italy's Technip Energies and Spain's Tecnicas Reunidas, Anchorage Investments said. Anchorage Investments, which develops and invests in industrial projects in downstream oil and gas and mining-driven manufacturing, has tendered for the Anchor Benitoite project in Ain Sokhna in March.

Ahmed Moharram, founder and managing director of Anchorage Investments, said the international companies eligible for the second phase are world-class contractors with strong track records and global experience. Our selection reflects how Anchorage Investments is keen to build the Anchor Benitoite project into a lighthouse project that meets international standards and serves investors looking to strengthen their presence in Egypt.

Egypt's exports of petrochemicals and fertilizers in 2021 rose by 45 percent to about $6.7 billion compared with 2020, according to Petroleum and Mineral Resources Minister Tarek El Molla. The Middle East and North Africa region is showing strong interest in putting more money into petrochemicals, Arab Oil Investments said in a June report.

For Egypt, the focus is on import substitution and value chain integration and monetization, such as producing materials for use in other sectors such as industry and agriculture, and even contributing to the transition to green energy such as solar modules, MENA Energy Investment Outlook 2022 》-2026 report found. Petrochemical complexes account for four of Egypt's top ten energy projects by value.

These are the $8.5 billion Alamein petrochemical complex, Suez's $7.5 billion petrochemical complex, the $4.29 billion Suez Oil refining and petrochemical complex and Ain Sokhna's $3.71 billion, according to Apicorp. Crude oil refining and petrochemical complex. The Anchor Benitoite project includes multiple production units producing a total of 1.75 million tonnes of petrochemicals and intermediates per year. Keywords: engineering news, overseas news

Meanwhile, the 460-kilometer SCZone has so far signed nine memorandums of understanding with multiple global partners for the production of green fuels. The economic zone said in a statement that it expects to sign more memorandums of understanding in the coming days to reach as many final contracts as possible ahead of the Cop27 summit in the Red Sea resort of Sharm el-Sheikh in November.Editor/XingWentao