Harvest terminates agreement to sell Interests in Venezuela to Pertamina
Thursday, February 21 2013 - 01:50 AM WIB
US-based Harvest Natural Resources, Inc. said that it has terminated an agreement to sell its interests in Venezuela to Indonesia?s state-owned oil and gas firm PT Pertamina for US$725 million after the government of Indonesia voted not to approve the transaction.
The agreement, signed by Pertamina and Harvest?s subsidiary HNR Energia BV, was announced in June 2012.
"While we are disappointed that the sale of our interests in Petrodelta to Pertamina was not approved by the Government of Indonesia, Harvest remains committed to exploring all possible alternatives to unlock the potential of our assets and to maximize value for our shareholders," said James A. Edmiston, President and CEO of Harvest.
Editing by Reiner Simanjuntak