Anchorage Investments is looking to build a USD 2.5 bn petrochemical complex in the Suez Canal Economic Zone (SCZone), according to a company statement (pdf). The company will produce a range of petrochemical products and natural gas derivatives, including propylene and polypropylene, and will look to gradually increase the number of products.

When will the plant be operational? Project construction is expected to take 36 months once funding is secured, according to a project profile seen by Enterprise. The USD 2.5 bn project will be financed 70% through debt and 30% through equity.

The Anchor Benitoite project will be competing with perhaps the largest petchem facility on the continent: State-owned Red Sea National Refining and Petrochemicals Company is establishing what it says will be the largest petrochemicals refinery in Africa and the Middle East in the Ain Sokhna industrial zone. Bechtel is on board to design and construct the USD 7.5 bn facility which will span 3.56 mn sqm and produce petroleum products including polyethylene, polypropylene, polyester.