Egypt’s Suez Canal Authority (SCA) said in a statement that it signed a partnership agreement with Egyptian firm Anchorage Investments to build a major petrochemical complex in Ain Sokhna, northwestern Gulf of Suez.

In an over-2-billion-U.S. dollar first phase, the complex, located within the Suez Canal Economic Zone, will primarily produce polypropylene from propane, along with hydrogen as a byproduct. A subsequent 4.5-billion-dollar phase will add complementary petrochemical units focused on exports and sustainability, read the statement.

The complex is expected to increase Egypt’s foreign currency revenues via petrochemical exports and create more than 2,500 jobs, read the statement.

SCA Chairman Osama Rabie said at the signing ceremony that the partnership reflects the SCA’s strategy to diversify its economic activities and boost the national economy.

Ahmed Moharram, Anchorage Investments founder and managing director, described the collaboration as “a shared vision and a firm commitment to creating long-term projects and building world-class, export-oriented industries that go beyond traditional products.”
Source: Xinhua