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The Suez Canal Authority and Anchorage Investments signed a partnership agreement to establish a $6.5 billion petrochemical complex in Ain Sokhna, Egypt. The first phase will produce polypropylene (PP) from propane and hydrogen as a byproduct, with investments exceeding $2 billion.

The second phase will expand production to include additional petrochemical products and complementary industrial units focused on export and sustainability, estimated at $4.5 billion. The project is expected to generate over 2,500 direct and indirect jobs. This initiative aligns with the Suez Canal Authority's strategy to enhance asset utilization, diversify economic activities, reduce petrochemical imports, and strengthen Egypt's export capacity and foreign currency reserves.