MILAHA TO BUY AL SHAHEEN HOLDING
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.