Egypt's SCA, Anchorage Investments ink deal to build petrochem complex

The project would contribute to raising the national income in foreign currency as well as providing over 2500 direct and indirect job opportunities.

SCA chairman and managing director Adm. Ossama Rabiee and founder-managing director of Anchorage Investments Ahmed Moharram witnessed the signing ceremony.

In its first phase, the complex will produce polypropylene as a primary product from raw propane, besides producing hydrogen as a secondary product, with investments exceeding $2 billion.

The complex is planned to expand its production in the second phase to include other petrochemical products, in addition to constructing additional complementary industrial units that focus on exports and sustainability at the estimated cost of $4.5 billion, a release from the authority said.

The project will generate over 2,500 jobs.

ALCHEMPro News Desk (DS)