Under the arrangement, Pertamina will purchase Harvest’s 32% stake in Petrodelta, by purchasing the 80% stake HNR Energia holds in Harvest-Vinccler Dutch Holding B.V.
Harvest estimates net proceeds of about $525m from the sale after deductions for transaction-related costs and taxes.
Effective January 1, 2012, the transaction, which marks an exit for Harvest from Venezuela, will close after approvals by the both the countries governments including Indonesia as well as the company’s stockholders.
Harvest Natural Resources president and CEO James A. Edmiston said, "The signing of the deal represents a significant step forward in the strategic alternatives initiative we began in 2010 and clearly validates the potential of Petrodelta’s business and Harvest’s twenty year partnership with PDVSA in Venezuela."
