Mining giant BHP Billiton has announced it has sold off its 8.3 per cent stake in the East Browse Joint Venture and 20 per cent interest in the West Browse Joint Venture for USD$1.63 billion to PetroChina International.

All necessary approvals were signed off earlier last week and now represents BHP Billiton’s complete exit from the projects.

The announcement follows a tumultuous week for the resources giant, who announced significant cuts to its coal business in the face of flagging profitability.