Petronas to exit Venezuela belt

Malaysian oil company Petronas is exiting one of the biggest petroleum projects in Venezuela’s Orinoco belt after tensions with state-run PDVSA over contract terms, sources said. The flagship project, called Petrocarabobo, has planned investments of about $20bn (£12.73bn) over 25 years and calls for building a 200,000 barrel per day upgrader to convert heavy crude into light crude oil.