The Anchor Benitoite project will take shape in the Suez Canal Economic Zone.

Anchorage Investments, a global player 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 its Anchor Benitoite project.

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.

The four firms are Hyundai Engineering & Construction Company (HDEC), Samsung Engineering Company of South Korea, Technip Energies of Italy, and Technicas Reunidas of Spain. Each company is experienced in the applications of propane dehydrogenation (PDH) and polypropylene.

Anchorage said all of them were selected following 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, it stated.

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.

On the key project, Founder and Managing Director Dr Ahmed Moharram 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 Anchor Benitoite a lighthouse project that meets international standards and delivers for investors who are looking to strengthen their presence in Egypt,” he stated.

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

“More than 20 international companies with high credit ratings will participate in the Anchor Benitoite project, including reliable foreign financial institutions and commercial banks,” explained Moharram.