Egypt’s Suez Canal Authority said this Wednesday it had signed a $2 billion strategic partnership agreement with Anchorage Investments to establish a petrochemical complex in Ain Sokhna, Egypt.

The first phase of the project aims to primarily produce polypropylene along with hydrogen.

In a later phase, estimated to cost an additional $4.5 billion, Anchorage Investments would add complementary plants to produce other petrochemicals mainly intended for exports.

The statement did not give further details on the partnership or a timeline for the project.

–Reuters–