Qatar Petroleum, the state-owned oil and gas giant, has chosen HSBC to advise it on the sale of its Al Shaheen Holding subsidiary as it seeks to cut costs in response to lower oil prices, Reuters reported. Qatar Petroleum did not immediately respond to a request for comment, but three sources with knowledge of the matter told media.

HSBC has begun offering the stake to prospective buyers, according to the sources, yet the information is not officially public, TradeArabia reported. It was reported that initial meetings had been held with buyers but it was unclear whether there were any bids currently on the table.

In June, CEO of the Qatari state-run firm said that the company would reduce staff numbers as part of a restructuring, which would also see it exit all non-core businesses.

Among these businesses is Al Shaheen, a holding company fully owned by Qatar Petroleum, which has three joint ventures in the oilfield services industry. Two of these are with GE Oil and Gas and one with the Middle East unit of Weatherford.