The PETRO (PTR) will be backed by the Bolivarian Republic of Venezuela and the wealth of its large crude oil reserves. More importantly, the Petro has been created in an innovative manner, using the highest standards in block chain technology and information security, thinking of a future where electronic asset-representations will enable more direct trade as well as government work within the framework of true financial and economic independence. (Source : elpetro.gob.ve)
Petro Coin (PTR) - Whitepaper
The Presale of Petro Coin is just started you can get more details on their [website].(http://www.elpetro.gob.ve/index-en.html)