Anchorage Shortlists Four For Major Egyptian Petrochem Plan

anchorage-shortlists-four-for-major-egyptian-petrochem-plan

The Gemini Star oil tanker, owned by Vela International Marine, a subsidiary of Saudi Aramco, offloads into a single buoy mooring at the start of the Sumed pipeline in the Gulf of Suez, near the port of Ain Sukhna, Egypt. Photographer: Dana Smillie/Bloomberg

The Gemini Star oil tanker, owned by Vela International Marine, a subsidiary of Saudi Aramco, offloads into a single buoy mooring at the start of the Sumed pipeline in the Gulf of Suez, near the port of Ain Sukhna, Egypt. Photographer: Dana Smillie/Bloomberg

Anchorage Investments has shortlisted Hyundai E&C, Samsung Engineering, Technip Energies and Tecnicas Reunidas to build a petrochemical complex in the Suez Canal Economic Zone.

Egypt’s Anchorage said the Anchor Benitoite project, at the southern end of the canal, was worth $2 billion. It has shortlisted the four contractors for the second phase of the engineering, procurement and construction (EPC) tender.

The Egyptian company said the four companies were each experienced in applications around propane dehydrogenation (PDH) and polypropylene.

The winning contractor will carry out a front-end engineering and design (FEED) study. It will then move into EPC work, through to commissioning and the launch of operations.

Anchorage picked the four companies through a “thorough evaluation process”, it said.

Once the successful bidder has completed the FEED work, the builder should complete the project within three years, Anchorage said.

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

“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.”

Production plans

Moharram went on to say more than 20 international companies would work on the Anchor Benitoite project. These include foreign financiers and commercial banks.

The Anchor Benitoite plan involves various production units, producing 1.75 million tonnes per year of petrochemical prdoucts and intermediates. Anchorage selected Lummus Technology in May 2021 to provide a technology licence for a 590,000 tpy polypropylene unit.

The company began its hunt for contractors in March this year. Anchorage appointed Duff & Phelps to act as financial advisor in December 2021.

The Anchorage statement went on to note increasing Middle Eastern investment in Egypt. Saudi Arabian companies agreed to invest $7.7bn in Egypt in June, for instance.

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