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Qatar Navigation to buy Qatar Petroleum stake in Al Shaheen

Qatar Navigation to buy Qatar Petroleum stake in Al Shaheen

Al Shaheen has three joint ventures in oilfield services

Qatar Navigation (Milaha) has reached a preliminary agreement to buy Qatar Petroleum’s stake in oilfield services firm Al Shaheen Holding, Milaha said in a bourse filing on Sunday.

Qatar Petroleum hired HSBC in February to advise it on the sale of Al Shaheen as the state-owned Qatari energy giant, grappling with low oil and natural gas prices, seeks to divest from non-core businesses.

Al Shaheen has three joint ventures in oilfield services, two with GE Oil and Gas and one with the Middle East unit of Weatherford.

Qatar Navigation said a binding agreement for the transaction had not been finalised but the deal was expected to be in the range of $110m to $180m and would be funded from existing cash reserves. Subject to due diligence and a final agreement, the transaction could close in the fourth quarter of this year, the company added.

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