Harvest Natural Resources Inc., Houston, is seeking international arbitration against Venezuela, alleging the country’s government has thwarted efforts to sell its interest there.
Through subsidiaries, Harvest owns 32% of Petrodelta SA, which produces oil in eastern Venezuela.
The US company tried to sell the interest to state-owned PT Pertamina (Persero) of Indonesia and later to Pluspetrol Venezuela SA (OGJ Online, Nov. 20, 2013).
Harvest Pres. and Chief Executive Officer James A. Edmiston blamed the government for failure of those efforts.
“Over the past decade, the Venezuelan government has violated Harvest’s rights as an investor by systematically thwarting the development of Harvest’s investment in Venezuela as well as the company’s ability to sell its interest there,” he said in a statement.
Harvest has had interests in the Latin American country for 22 years.
Affiliates HNR Finance BV and Harvest Vinccler SCA submitted a request for arbitration before the International Center for Settlement of Investment Disputes.
