PETRONAS through its subsidiary, PC Venezuelan Ltd. withdrew from petroleum projects in the Orinoco, Venezuela, between the site of the world's largest oil reserves.
The project, known as Petrocarabobo planning an investment of approximately U.S. $ 20 billion (RM65.6 billion) in 25 years and is scheduled to produce 200,000 barrels a day.
Sources said there PETRONAS withdraw after a dispute with the authorities of Venezuela and Petroleos de Venezuela (PDVSA).
PDVSA has a 60 percent stake in the project. Petronas holds 11 percent in a consortium that will hold the remaining 40 per cent stake. Other partners are Repsol, Spain; ONGC, India and two other small companies from India.
PETRONAS in his statement said the decision had been communicated to the government of Venezuela on 27 August. PETRONAS joined the project in 2010.
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