Petronas extends Malaysian race sponsorship 01 Sep 2010
Petronas have signed an agreement with the Formula One Group to extend the national oil and gas corporations title sponsorship of the Malaysian round of the FIA Formula One World Championship for another five years.
Under the extended partnership, Petronas will continue to hold the title sponsorship rights as well as extensive advertising, branding and promotional benefits for the event until 2015. The partnership will provide Petronas the opportunity to continue leveraging on Formula Ones massive global appeal to build and support its international business expansion efforts as well as position Malaysia as a major sporting and tourism destination.
As part of the efforts to further promote the country, the partnership will see a change in the event name, which will from 2011 be known as the FORMULA 1 PETRONAS MALAYSIA GRAND PRIX. Mohd Medan Abdullah, senior general manager, corporate services division Petronas says:
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.
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.
Petronas partnership and involvement in international motorsport over the past two decades has been a significant contributor to the growth of its businesses - in particular its lubricants business - in the global arena. The partnership has also paved the way for technological and knowledge acquisition relevant to the oil and gas industry.
Mr Bernard Ecclestone, CEO, Formula One Group: I am pleased that Petronas has again used Formula One to let the world follow their success in the oil and gas automotive industry. We have a really close relationship with Petronas who help Malaysia promote the country worldwide.
As the first modern Asian Formula One venue since Japan, the Petronas Malaysia Grand Prix has since been credited as the catalyst in opening Asia to the sport. Other Asian venues in the Formula One calendar in addition to Malaysia and Japan include China, Bahrain, Singapore, Abu Dhabi and now Korea.