RIYADH: American multinational conglomerate Honeywell has signed an initial agreement with industrial company Anchorage Investment to construct the planned $2 billion Anchor Benitoite Petrochemicals Complex in Egypt’s Suez Canal Economic Zone. As per the memorandum of understanding, the companies will enter preliminary discussions to appoint Honeywell Process Solutions as the Integrated Main Automation Contractor for the facility, MEED reported. As part of the contract, HPS would also supply Anchorage Investments with a range of technologies designed to enhance operational safety, security, and efficiency at the complex. Once completed, Anchor Benitoite production units are expected to produce 1.75 million tons a year of petrochemical products and intermediates, including propylene, polypropylene, crude acrylic acid, n-butanol and butyl acrylate. Honeywell has been operating in Egypt for over 60 years, with works with government-owned and private sector entities in many fields including oil and gas, refining and petrochemicals, automation and defense.