Right now, the company is in talks with the government as the company`s shareholder with regard to getting an approval to carry out the transaction, company president director Karen Agustiawan said.Jakarta (ANTARA News) - Indonesia`s state-owned oil and gas company PT Pertamina is seeking to acquire shares of Petrodelta SA, which is the subsidiary of Harbest Natural Resources Inc.
Right now, the company is in talks with the government as the company`s shareholder with regard to getting an approval to carry out the transaction, company president director Karen Agustiawan said here on Tuesday.
"We are optimistic the talks could be finished according to the schedule agreed in the deal," she said.
Pertamina has signed a share purchase agreement with Harvest for the effective acquisition of 32 percent shares in Petrodelta which is a Venezuelan oil and gas company.
The two companies have until March 2013 to meet all conditions for the deal such as approvals from the shareholders of Pertamina, Harvest and the government of Venezuela.
Karen meanwhile considered media reports that the transaction was hinged on factors outside the transaction put in a written agreement as speculative.
"Pertamina remains committed to realizing the transaction and in line with a business entity`s policy we would not comment on any speculation about the transaction," she said.
Petrodelta`s field has total proven and probable reserves of around 486 million barrels of oil equivalent.
Its hydro-carbon reserve is bigger than that in Cepu Block which is Indonesia`s biggest reserve found in the past 10 years.(*)
Editor: Heru Purwanto
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