The petrochemicals complex maximises benefiting from the Suez Canal's assets as a part of the strategy of diversifying income streams. The project contributes to increasing the national Egyptian income in foreign currency as well as providing over 2500 direct and indirect job opportunities.
Adm. Ossama Rabiee, Chairman and Managing Director of the SCA, 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, Egypt.
This 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 to maximise 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 US$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 US$4.5 billion.