It issued a tender to award the main engineering, procurement, and construction (EPC) contract for the project.

 

The Anchor Benitoite Project is a major industrial complex in Ain Sokhna, Suez, Egypt, that is to encompass a number of production units to produce a range of derivatives and petrochemical products, intended to accommodate the growing regional and global demand for Anchorage Investments’ petrochemical products.

 

The project will enhance the economic value of Anchorage’s feedstock of natural gas derivatives, contribute to the growth of Egypt’s GDP, boost the country’s petrochemical exports, and stimulate further foreign direct investment inflows, from foreign and Arab countries, and benefit from the favorable investment climate in Egypt and the promising opportunities in the market. 

 

Anchorage Investments will issue the Pre-Qualification Requirements (PQR) prospectus in mid-March, as the first stage of the EPC tendering process.

 

A shortlist of the world's top EPC contractors specialising in propane dehydrogenation (PHD) and propylene production will be selected.

 

The EPC contractor reaching the final selection will be responsible for executing and completing the activities and procedures required for the Front-End Engineering Design (FEED) phase based on an Open Book Cost Estimate (OBCE) subject to conversion to a Lump Sum 

 

Turnkey (LSTK) contract encompassing all site preparation, engineering, procurement, and construction works.

 

The Anchor Benitoite project is expected to be completed within three years following the completion of the engineering and design phase.

 

Dr Ahmed Moharram, the Founder and Managing Director of Anchorage Investments, said: “The project is located in the Suez Canal Economic Zone in Ain Sokhna, thanks to the many strategic and economic advantages provided in the industrial zone, the encouraging investment laws and policies, and the favorable investment environment and swift procedural requirements.”

 

He said: “More than 20 international companies with high credit ratings will participate in the Anchor Benitoite project including pioneering technology licensors, project management firms, feedstock suppliers, products’ off-takers, the operation and maintenance company, and reliable foreign financial institutions and commercial banks.”

 

Egypt has become a top destination for attracting foreign direct investments in light of the economic, financial, monetary, and structural reform program that it has adopted along the past years, embracing an investment-friendly business environment. 

 

Several agreements in the petrochemical sector have been recently announced in the Suez Canal Economic Zone involving major local, foreign, and Arab companies with a total investment volume of more than $10 billion. --OGN