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Brazil's Petrobras pulls out of plans to develop Venezuelan natural gas field

Brazil's state-run oil company has dropped plans to participate in the Mariscal Sucre natural gas project in Venezuela, the company said Tuesday.

Petrobras Chief Executive Sergio Gabrielli decided the project was not advantageous to the company, said a press officer for Petroleo Brasileiro SA who declined to be identified, in accordance with company policy.

"Petrobras withdrew for technical and economic reasons," the press officer said.

Petrobras and Venezuela's state oil company, Petroleos de Venezuela SA, or PdVSA, had planned to jointly develop Mariscal Sucre project, which Petrobras said was slated to cost between $2.5 billion (€1.7 billion) and $3 billion (€2 billion). But the two companies never signed a binding agreement.

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