Feb 20 (Reuters) - ExxonMobil has warned it would withhold billions of dollars in climate-related investments in Europe unless Brussels cuts environmental red tape, which the company blames for the "deindustrialisation of the European economy", the Financial Times reported on Tuesday.

Exxon had $20 billion set aside for decarbonisation projects between 2022 and 2027, the newspaper reported, citing an interview with Karen McKee, president of the company's product solutions division.

McKee told the FT that Exxon was likely to prioritise "other parts of the world" due to increasing frustration at the regulatory burden linked to getting projects off the ground in Europe. (Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Savio D'Souza)