November 29, 2016 / 9:40 AM / 8 months ago

Qatar Navigation's purchase of Al Shaheen stake delayed

1 Min Read

DOHA (Reuters) - Qatar Navigation's QNNC.QA purchase of Qatar Petroleum's [QATPE.UL] 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.

Reporting by Tom Finn; Writing by David French; Editing by Mark Potter

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