The Suez Canal Authority announced on Wednesday that it has signed a $2 billion strategic partnership agreement with Anchorage Investments to develop a major petrochemical complex in Ain Sokhna, Egypt.
According to the authority, the first phase of the project will focus primarily on producing polypropylene, along with hydrogen.
A second phase—estimated to cost an additional $4.5 billion—will see the construction of complementary facilities to produce a wider range of petrochemicals, mainly for export markets.
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No further details were provided regarding the structure of the partnership or the expected timeline for the project’s implementation.
Source:Africa Publicity
