Wednesday, 08 December 2021 08:43 GMT

Milaha to acquire Qatar Petroleum stake in Al Shaheen

(MENAFN) Qatar Navigation (Milaha) has inked an agreement to buy Qatar Petroleum's stake in oilfield services firm Al Shaheen Holding, Milaha said.

In detail, HSBC was hired by QP in February to guide it on the sale of Al Shaheen as the state-owned Qatari energy giant aims to leave non-core businesses.

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

However,Qatar Navigation said a binding agreement for the transaction had not been finalized but the deal is expected to worth between USD110-180 million.

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