Four global firms shortlisted for $2bn industrial project in Egypt

Egypt’s Anchorage Investments, 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 the Anchor Benitoite project.

The $2bn project comprises a chemicals complex that will be built in the industrial zone of the General Authority for the Suez Canal Economic Zone in Egypt.

The four shortlisted companies are Hyundai Engineering & Construction, Samsung Engineering, Technip Engineering, and Tecnicas Reunidas. The companies are experienced in the applications of propane dehydrogenation and polypropylene.

The firms were selected based on 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 EPC, commissioning and launch of operations.

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.

Dr Ahmed Moharram, founder and MD of Anchorage Investments, 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 the Anchor Benitoite project a lighthouse project that meets international standards and delivers for investors who are looking to strengthen their presence in Egypt.”

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

The project is in line with Egypt’s plans to promote foreign direct investment, which has increased significantly in recent months.

Several Saudi Arabian companies signed agreements in June to invest $7.7bn in Egypt, with Saudi Arabia expressing its intention to allocate $30bn for investment in the country. Gulf states have also pledged more than $22bn to support the Egyptian economy.

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