Font Size

- Aa +

Tue 29 Nov 2016 01:56 PM

Font Size

- Aa +

Qatar Navigation's purchase of Al Shaheen stake delayed

Ongoing merger talks between Baker Hughes and GE's oil and gas division to blame for delay

Qatar Navigation's purchase of Al Shaheen stake delayed
(Getty Images)

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 on Tuesday.

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 $110 million and $180 million. The transaction had been earmarked to close in the fourth quarter of this year.

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.