Adm. Ossama Rabiee, Chairman and Managing Director of the Suez Canal Authority, witnessed the signing ceremony of the strategic partnership contract between the SCA and Anchorage Investments to build a large industrial complex for petrochemicals on a plot of land owned by the SCA at Ain Sokhna, north west of the Gulf of Suez in the SCZone.
This mega industrial project comes in light of the directives of the political leadership to deepen the partnership with the private sector to build an advanced national industrial base, equipped with the latest technologies worldwide, that contributes to achieving a comprehensive economic development for the Egyptian state as well as maximize the benefit from local resources and services in the production of industrial products of a high added value.
The petrochemicals complex aims to produce polypropylene (PP) in its first phase as a primary product from raw propane, besides producing hydrogen as a secondary product, with investments exceeding $2 billion. The complex is planned to expand its production in phase two to include other petrochemical products in addition to constructing additional complementary industrial units that focus on exports and sustainability at the estimated cost of $4.5 billion.
This industrial project achieves a bundle of economic gains as it will provide over 2500 direct and indirect job opportunities upon the completion of construction and the commencement of operations. That is simultaneously with designing specialized technical and administrative programs in occupational safety and health to further elevate the tasks assigned to the local manpower and raise their efficiency.
On his part, Adm. Rabieestressed the SCA's keenness on building bridges of cooperation and partnership with partners of success in the private sector to maximize the benefit from the accumulated experience and mobilise investments to establish mega industrial projects that contribute to building the national economy; especially projects generating revenues in foreign currencies to strengthen foreign currency reserves.
H.E. explained that building an industrial complex for petrochemicals on a plot of land owned by the SCA at Ain Sokhna is in line with its clear strategy of maximizing the benefit from its assets, diversifying its economic activities which is reflected in multiplying its streams of income, achieving added value for the Egyptian economy through contributing to curtailing the bill of petrochemical imports, and strengthening the base of exports to augment the Egyptian treasury's reserves foreign currency.
On his part, Dr. Ahmed Moharram, Founder and Managing Director of Anchorage Investments, expressed his pride in joining the SCA as a strategic partner in the Anchor Benitoite complex, stressing that this partnership reflects a vision and a mutual commitment to create long-term projects as well as a will to establish world-class industries targeting exports and surpassing the limits of common goods.
Moharram highlighted his Company's keenness on developing industrial projects of a tangible impact on promoting industrial diversity in Egypt while maintaining the alignment with global trends of transformation in the field of energy as well as trends of advanced industrialization. The Anchor Benitoite complex forms the first phase of a wider industrial vision and a development strategy for chemical industries based on exports and alignment with the principles of sustainability.
Anchorage Investments has also achieved considerable progress in the project's developmental phases; as the project brings together international companies in the fields of technology, engineering and construction as well as various strategic partners. The project's structure has been made in accordance with the best global practices to ensure governance, transparency and flexibility in the long run.
The agreement was signed at at the SCA's headquarters, Al-Irshad building, in Ismailia by Dr. Montaser Khalil, Director of the Financial Department, as a representative of the Suez Canal Authority and Dr. Ahmed Moharram, Founder and Managing Director of Anchorage Investments.
