The Caterham Formula One team has predictably announced Russian petrochemical company Sibur as an official team partner, three days after it signed Russian Vitaly Petrov to drive for the team in 2012.

Petrov, who scored a podium driving for Renault in 2011 but was dropped by the team at the end of the year, has been sponsored by Sibur, which is also active in eastern Europe, since last year. Sibur logos will feature on his race suit in 2012 as well as on the CT01 cars.No financial details were released but Sibur’s overall contribution to the team is certain to run into seven figures.

•Air Asia to support newly-named Caterham teamThe team announced on Friday 17th February that Petrov would be replacing veteran Italian Jarno Trulli this year. Making that announcement Caterham team principal Tony Fernandes said the decision was taken to "give fresh impetus across the whole team and with a realistic eye on the global economic market".

Dmitry Konov, chief executive of Sibur, said: "I'm very glad that Vitaly's career in Formula One is continuing with such an exciting new role at Caterham F1 Team. Vitaly plays a very important role for us, and all Russians."

Fernandes added: "Formula One is a truly global sport, and Sibur's investment in our sport is proof of the value Formula One can bring, on a national and international level, so we are looking forward to working closely with Mr. Konov and his team at Sibur to help them realise maximum benefit from this partnership."

Fernandes' team has adopted the Caterham name for 2012 having raced for its first two seasons as Lotus.

Source: SportsPro