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Malaysian oil producer Petronas, a familiar name in Formula 1, will continue to sponsor the Malaysian Grand Prix, according to the Malaysian National News Agency.
It is a pretty short story, so here it is :
KUALA LUMPUR, Nov. 5 (Bernama)—Petronas says it will continue to be the title sponsor of the Petronas Malaysian F1 Grand Prix which has proven to be an effective platform to promote Malaysia on the global stage.
In a statement issued to Bernama Thursday, the national oil corporation said its participation and investment in Formula One – and in other sports – had always been based and was built on partnerships that provided direct support towards its business expansion, while complementing international branding efforts.
“This requires Petronas to constantly review, evaluate and explore its position and involvement in international motor sports,” it said.
“The final race of the 2009 season at Abu Dhabi marks a turning point for Petronas’ involvement in Formula One.
Petronas’ partnership with the BMW Sauber F1 Team, which is a progression of its earlier relationship with Sauber, has now come to an end following BMW’s decision to exit Formula One at the end of the season.”
Petronas also said that it was currently evaluating its future options based on similar commercial considerations, with the eventual decision hinging upon the ability of the new partnership in facilitating and generating sustainable business growth for Petronas, particularly in its global operations.
“Petronas’ past and current participation in international motor sports has not only built its global brand but has significantly contributed to the growth of its business, in particular, its lubricant and fluids business in several key markets across Asia and Europe.”
It has also paved the way for technological and knowledge acquisition relevant to the oil and gas industry, Petronas said.
It sounds like Petronas, at least, feels it is getting some return on its involvement in F1—welcome news compared to what we’ve been hit with so far this week from Bridgestone and Toyota.
You have to assume it is looking at the Lotus team, which is backed by Malaysian interests—although, maybe there are conflicting interests there. I don’t know the politics of Malaysian business as well as I should.
Petronas certainly has some extra dollars lying around now that its deal with BMW is over, though. Anyone suppose Petronas would help pick up Nick Heidfeld’s contract if he came to Lotus, although Jarno Trulli’s name is most often attached to the team?
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