KUALA LUMPUR (REUTERS) - Malaysian state oil firm Petronas confirmed on Tuesday it would withdraw from its flagship Petrocarabobo crude oil project in Venezuela.

"Petronas confirms that its subsidiary, PC Venezuela Ltd, has decided to withdraw its 11 percent participation in the Carabobo project and has communicated to this effect on 27 August 2013 to the Venezuelan authorities," Petronas said in a statement.

The withdrawal was part of the company's strategic review of its global assets and would not further delay a planned US$19 billion (S$24 billion) refinery project in southern Malaysia, two Petronas sources told Reuters.