Suez Canal Authority of Egypt inks a $2 billion petrochemical complex agreement

The Suez Canal Authority in Egypt said on Wednesday that it had formed a strategic relationship with Anchorage Investments worth $2 billion to build a petrochemical complex in Ain Sokhna, Egypt.

The main goal of the first part of the project is to make polyethylene and hydrogen.

In a later step that would cost an estimated $4.5 billion more, Anchorage Investments would add plants that work with the current ones to make other petrochemicals that would mostly be exported.

It didn’t say anything else about the partnership or when the job would be finished in the statement.