The Suez Canal Authority (SCA) has signed an agreement with Anchorage Investments, an Egyptian company specialized in investing in and operating companies in the mining and petrochemical sectors,  to establish a major petrochemical complex with investments of over $6 billion in Ain Sokhna. 

The complex will be built in two phases. The first, worth over $2 billion in investments, will produce polypropylene as a main product and hydrogen as a byproduct. The second phase, with investments of $4.5 billion, will produce other petrochemical products and complementary industrial units focused on exports and sustainability.

The project is expected to create over 2,500 direct and indirect job opportunities once construction and operations are complete and maximize the utilization of local resources to produce industrial products with high added value.

 “The establishment of the petrochemical complex on SCA-owned land comes within the Authority’s strategy to maximize the utilization of its assets and diversify its economic activities,” said  Osama  Rabie, Chairman and Managing Director of SCA. He added that this strategy expands income sources, adds greater value to the Egyptian economy, reduces the national import bill for petrochemicals, and strengthens the export base to boost Egypt’s foreign currency reserves.

According to the SCA’s release, Anchorage Investments made progress in the early-stage development, bringing together leading global companies in technology, engineering, and construction, along with a diverse group of partners. The project structure has been designed in accordance with international best practices to ensure governance, transparency, and long-term flexibility.