Egypt’s Anchorage Investments, which develops and operates industrial projects in the petrochemicals sectors, said Tuesday that it has shortlisted four international contractors in the second phase of the $2 billion Anchor Benitoite project.
Anchorage said in a statement that it shortlisted Hyundai Engineering & Construction Company, Samsung Engineering, Technip Energies and Tecnicas Reunidas for the engineering, procurement and construction (EPC) contract.
“The international companies that qualified for the second phase are world-class contractors who have proven track records and global experience,” Dr. Ahmed Moharram, Founder and Managing Director of Anchorage Investments said in a statement.
The project, which comprises of chemicals complex that is set to be built in the industrial zone of the General Authority for the Suez Canal Economic Zone, is aimed at advancing Egypt’s chemical exports and foreign investments. Anchorage said the project will also contribute to the country’s gross domestic product (GDP) without giving any details.
The project is in line with the North African country’s plans to increase foreign direct investment. Egypt has ramped up efforts to increase foreign investments after investors pulled as much as $20 billion from the local debt market this year. Egypt’s GCC allies pledged more than $22 billion to support the country’s economy, including billions in industrial projects. Several Saudi companies signed agreements in June to invest $7.7 billion in Egypt with the kingdom expressing its intention to allocate $30 billion in investments in the Arab world’s populous nation.
