Qatar Navigation's purchase of Al Shaheen delayed

The reason for the delay was the ongoing merger talks between Baker Hughes and GE's oil and gas division

Photo for illustration only.
Photo for illustration only.

Qatar Navigation's purchase of Qatar Petroleum's stake in oilfield services firm Al Shaheen Holding has been delayed, the chairman of the shipping firm known as Milaha told Reuters.

The reason for the delay was the ongoing merger talks between Baker Hughes and GE's oil and gas division, according to Sheikh Ali bin Jassim bin Mohammad al-Thani, who added he hoped a deal could still be concluded in the first quarter of 2017.

Al Shaheen has three joint ventures in oilfield services, two of which are with GE Oil and Gas.

Milaha said in June it had reached a preliminary agreement with state-owned Qatar Petroleum to acquire the stake for a price between $110mn and $180mn. The transaction had been earmarked to close in the fourth quarter of this year.

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