A consortium of Egypt's Orascom Construction (OC) and Belgian Besix Group has won the contract from Arab Petroleum Pipelines Company (Sumed) for the construction of a new pier in Ain Sukhna area of Suez governorate at an investment of $350 million, said a report.

Work will start on the project next month and will be completed in a period of ten months, reported Amwal Alghad. The pier is set to receive the third regasification boat, it added.

A leading Belgian group playing an active role in the construction of buildings, infrastructure, environmental projects and roads, Besix along with Orascom will build a two-km-long pier along with two other sub-piers; one with the depth of 15m and another 19m deep.

Egyptian petroleum ministry - represented in Egyptian Natural Gas Holding Company (Egas) - eyes contracting on the third boat to get imported Liquefied Natural Gas (LNG) shipments.

The pier will facilitate processes of transporting and trading all petrochemical, chemical, and gas products on which Egypt contracted to import so as to cover large part of citizens' needs of oil and gas products, it added.