Qatar Today - - BUSINESS -

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.

Qatar Petroleum em­barked on a plan to sell Al Sha­heen in Fe­bru­ary as it seeks to di­vest from non­core busi­nesses on ac­count of its grap­pling with low oil and nat­u­ral gas prices. Al Sha­heen has three joint ven­tures in oil­field ser­vices, two with GE Oil & 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 QR400-650 mil­lion ($110-180 mil­lion) 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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