Petronas will continue to sponsor the Malaysian Formula One Grand Prix for the next five years, in a deal announced by Formula One Management. The oil and gas giant has sponsored the event every year since the Sepang International Circuit, near the capital Kuala Lumpur, first staged a Formula One race in 1999. The company is also the title sponsor of the Mercedes GP team, a deal which began this season.

“Apart from the continuous benefits our businesses and brand receive through the Formula One exposure, our extension of the agreement to partner Formula One reflects our long-term commitment and continued dedication to support efforts to position Malaysia as a major motorsport hub and tourist destination,” said Mohd Medan Abdullah, Petronas’ corporate services division senior general manager.”

“The economic activities during the Grand Prix period have also benefited a growing number of local industries - particularly those in the tourism, food and beverage, transportation and related services sectors. More importantly, this also signals the growing importance of Formula One to Asia, particularly to the businesses related to this premier sporting event, including the automotive, oil and gas industries.”

Bernie Ecclestone, chief executive of the Formula One Group, added: “I am please that Petronas has again used Formula One to let the world follow their success in the oil and gas automotive industry.” No official financial deatils were released but it is understood that the deal is on similar terms to other Formula One race title deals.

Source: SportsPro