The Williams F1 team have confirmed that Venezuelan energy company Petróleos de Venezuela S.A (PDVSA) will become a “substantial” sponsor of the team.
The news had been expected for some time following the team’s decision to sign Venezuelan driver Pastor Maldonado for the 2011 season in December and was confirmed following a demonstration of one of the team’s cars, driven by Maldonado, in the Venezuelan capital Caracas on Friday, an event watched by the country’s president Hugo Chavez.
Though there was no indication from the team, the deal gives Williams a healthy financial injection as it bids to move back up the grid in 2010. Initial indications placed the value of the deal at some US$36 million, although Swiss newspaper Blick suggested it could be worth as much as US$43 million to the team. PDVSA logos were visible on the car, a 2010 model, at the demonstration although the car was painted in an interim livery.
The team confirmed, though, PDVSA logos would adorn the 2011 car, as well as the overalls of drivers Maldonado, who will make his Grand Prix debut this year, and team leader Rubens Barrichello. Maldonado, the GP2 champion, has received support from PDVSA throughout his racing career and the country is expected to utilise having a driver in Formula One as a way of boosting its international standing. Williams will also assist with the company’s educational, road safety and energy efficiency programmes with Venezuela.
“They are a substantial partner and can make a meaningful difference to our fighting ability,” said Sir Frank Williams. “We are honoured that our new partnership was announced in Venezuela while showing Pastor’s fans the power of a Formula One car.”
Adam Parr, the team’s chairman, who has been central in securing the deal, added: “Getting to know Venezuela over the past few months has been a revelation. We have been given the warmest possible welcome. We have also learnt a great deal.
“Venezuela plays a vital role in the economies of North and South America, but in addition it is rightly recognised for its staggering and varied natural beauty. Venezuela has Andean peaks, the Amazon, the longest stretch of Caribbean coastline of any nation and the world’s highest waterfall, the Angel Falls.
We will be proud to represent Venezuela abroad and to work with partners here to promote the welfare and development of the people of this wonderful country.”
The national oil company of Venezuela, PDVSA produces up to 3.3 million barrels of oil per day. It exports up to 1.3 million barrels a day to the United States. The company is also expanding into the Middle East.
PDVSA’s director of corporate affairs Julio Gonzalez said: “Pastor perfectly epitomises our country’s passion and discipline, as well as our determination to overcome huge social imbalances. However, we are looking towards building a new, more harmonious and fairer society and become an example to the world. Pastor will fly our flag this year and carry the hopes of an entire country in this new chapter of his career.”
