Pertamina in talks with Petrodelta SA for acquiring 32 per cent stake

Indonesia’s state-owned oil and gas company PT Pertamina is in talks with  the shareholders of Venezuela-based Petrodelta SA to acquire a 32 per cent stake in the company. Pertamina has signed a share purchase agreement for the stake acquisition with Harvest Natural Resources, Inc., the parent entity of Petrodelta. The two companies now have until March 2013 to obtain approvals from the shareholders of Pertamina and Harvest, as well as the government ofVenezuela, in order to finalise the transaction. In a separate development, Pertamina has presented a proposal to acquire US-based oil and gas company Coastal Energy. This move is in line with the company’s plans to expand its business overseas.