The Suez Canal Authority has signed a $2 billion strategic partnership with Anchorage Investments to develop a petrochemical complex in Ain Sokhna, marking a major step toward Egypt’s industrial diversification. The first phase will produce polypropylene and hydrogen, key inputs for global manufacturing and clean energy transition.
A second phase, valued at $4.5 billion, will expand production to additional petrochemical products, primarily for export, positioning Egypt as a regional petrochemical hub leveraging its strategic Suez Canal location.
The project comes as the Suez Canal faces declining revenues, losing about $800 million monthly due to regional instability and reduced maritime traffic. By boosting industrial output and foreign investment, the partnership aims to offset these losses and reinforce Egypt’s standing in global energy and trade networks.
