Petronas trying to solve Chad dispute

Kuala Lumpur, Aug 30 | Updated: Aug 31 2006, 05:30am hrs
Malaysian state oil company Petronas is trying to find an amicable solution with Chad after the central African country ordered it to halt work there and leave, Petronas said on Wednesday.

Petronas is proactively working towards finding an amicable solution on this matter, it said in a statement, adding that it had met its contractual obligations in Chad, including tax.

Chad ordered Petronas and the US giant Chevron on Saturday to leave the country for failing to honour tax obligations. Chads surprise move followed its decision to create a new national oil company which it said should become a partner in the countrys existing oil-producing consortium, led by Exxon Mobil and including Chevron and Petronas.

Petronas holds 35% of the consortium, Chevron 25%, and Exxon the remaining 40%.