(MENAFN- Mid-East.Info)
Anchorage Investments announces the preparation for the issue of the EPC tender for its Anchor Benitoite project
- Mora than 20 international companies are participating in the Anchor Benitoite project
Cairo: Anchorage Investments, a company operating in the development, investment, and operation of industrial projects in the petrochemical sector, is preparing to embark on the engineering and construction of its Anchor Benitoite project in the industrial zone of the Suez Canal Economic Zone, with an investment cost of more than USD 2 bn, by issuing a tender to select the main engineering, procurement, and construction (EPC) contractor for the project.
The Anchor Benitoite Project is a major industrial complex in Ain Sokhna, Suez, Egypt, that is to encompass a number of production units to produce a range of derivatives and petrochemical products, intended to accommodate the growing regional and global demand for Anchorage Investments' petrochemical products. Thanks to the unique investment climate in the Suez Canal Economic Zone coupled with the modern technologies used in the manufacturing process, Anchor Benitoite will offer unique high-quality petrochemicals.
The project will enhance the economic value of its feedstock of natural gas derivatives, contribute to the growth of Egypt's GDP, boost the country's petrochemical exports, and stimulate further foreign direct investment inflows, from foreign and Arab countries, and benefit from the favorable investment climate in Egypt and the promising opportunities in the market.
The UAE has been one of Egypt's top investors, with more investments being funneled into many Egyptian industries and companies operating in several fields. The volume of direct Emirati investments in Egypt amounted to about USD 15 bn, which received a further boost at the end of last year when the two countries launched a joint strategic investment platform worth USD 20 bn.
Several agreements in the petrochemical sector have been recently announced in the Suez Canal Economic Zone involving major local, foreign, and Arab companies with a total investment volume of more than USD 10 bn.
Anchorage Investments will issue the Pre-Qualification Requirements (PQR) prospectus in mid-March, as the first stage of the EPC tendering process. A shortlist of the world's top EPC contractors specializing in propane dehydrogenation (PHD) and propylene production will be selected. The EPC contractor reaching the final selection will be responsible for executing and completing the activities and procedures required for the Front-End Engineering Design (FEED) phase based on an Open Book Cost Estimate (OBCE) subject to conversion to a Lump Sum
Turnkey (LSTK) contract encompassing all site preparation, engineering, procurement, and construction works. The Anchor Benitoite project is expected to be completed within 3 years following the completion of the engineering and design phase.
Dr Ahmed Moharram, the Founder and Managing Director of Anchorage Investments, said:“The project is located in the Suez Canal Economic Zone in Ain Sokhna, thanks to the many strategic and economic advantages provided in the industrial zone, the encouraging investment laws and policies, and the favorable investment environment and swift procedural requirements.”
Moharram highlighted that Egypt has become one of the top destinations in Africa and the Arab world for attracting foreign direct investments in light of the economic, financial, monetary, and structural reform program that it has adopted along the past years, embracing an investment-friendly business environment.
Moharram added:“More than 20 international companies with high credit ratings will participate in the Anchor Benitoite project including pioneering technology licensors, project management firms, feedstock suppliers, products' off-takers, the operation and maintenance company, and reliable foreign financial institutions and commercial banks.”
About Anchorage Investments :
Anchorage Investments was established with the objective of developing, investing-in and operating industrial projects within the petrochemicals and mining materials-based sectors, capitalizing on the know-how of its management and affiliate companies in different and relevant fields such as project finance, engineering and development management.
This strategy stems from the group's historical technical expertise in construction projects and industrial development, as well as its geographical presence in a country and region with a wealth of raw material resources and relevant value chains' integration potential.
Anchorage's Founder and Managing Director, Dr. Ahmed M. A. Moharram, holds an MSc. and PhD. in structural engineering from Imperial College London and is an alumnus of London Business School's finance executive program. He headed the executive team of ACE Moharram Bakhoum Group for more than 10 years.
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