Anchor selects four global firms for Egypt’s $2 bn industrial project

Anchorage Investments, which develops, implements, and operates industrial projects in the chemicals and blue hydrogen sectors, has shortlisted four international contractors in the second phase of the EPC (engineering, procurement, and construction) tender for the Anchor Benitoite project in Egypt.

The $2 billion project comprises a chemicals complex that will be built in the industrial zone of the General Authority for the Suez Canal Economic Zone (SCZONE) in Egypt, Anchorage Investments said in a statement.

The four shortlisted companies are Hyundai Engineering & Construction Co (HDEC), Samsung Engineering Co, TECHNIP ENERGIES SPA, and TECNICAS REUNIDAS SA of Spain, the statement noted.

Each company is experienced in the applications of propane dehydrogenation (PDH) and polypropylene, Anchorage said while explaining that the firms were selected based on a thorough evaluation process which included strict criteria and a scoring system.

“The successful contractor, selected in the final stage of the tender, will be responsible for executing the Front-end Engineering Design (FEED) phase, followed by the full engineering, procurement, construction, commissioning, and launch of operations,” the company said.

Scheduled to be completed within three years after the FEED phase, the project aims to contribute to Egypt’s GDP, and increase its chemical exports and foreign direct investments, it added.

Commenting on the development Dr Ahmed Moharram, founder and managing director of Anchorage Investments, said: “The international companies that qualified for the second phase are world-class contractors who have proven track records and global experience.

“Our selection reflects how Anchorage Investments is keen to make the Anchor Benitoite project a lighthouse project that meets international standards and delivers for investors who are looking to strengthen their presence in Egypt.”

Several Saudi Arabian companies signed agreements in June to invest $7.7 billion in Egypt, with Saudi Arabia expressing its intention to allocate $30 billion of investments in the North African country.