Petronas signs another five year contract with Formula One
Petronas have extended their agreement with Formula One, making it valid up to the year 2015.
Petronas, which is the National Oil and Gas Corporation of Malaysia, has a title sponsorship for the Malaysian Grand Prix with FIA, for Formula One World Championship.
Under the newly-signed extension the corporation would continue to hold the sponsorship rights for another five years. It had also been allowed further advertising, branding as well as promotional rights for all the Grand Prixs in Malaysia until 2015.
The extension of the agreement has been done as a token of FIA’s promise of providing Petronas the opportunity to grow and expand under Formula One’s massive global influence as well as providing Malaysia the opportunity to be a significant destiny for sports and tourism.
There had also been discussions regarding change in the event name which is hoped to further promote the event and eventually the country’s image in the global market. It is suggested to be called “Formula 1 Petronas Malaysia Grand Prix” 2011 onwards.
As discussions concluded, Mohd Medan Abdullah, the senior general manager at the corporate services division of Petronas talked to the media telling, “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.”
He further explained his statement saying that Malaysia had been hugely benefited by hosting the Grand Prix, as the economic activities during the race days directly help in growth of a number of local industries, especially those that depend directly on tourism like food and beverage along with transportation and other services.
Moreover, he told that it is helping Formula One grow in Asia along with helping in the growth of other major businesses related to the sport such as automotive, oil and gas industries.
Petronas had been attached with the series since past two decades and FIA has contributed significantly for the growth of its businesses such as its lubricants in the global market. The partnership of the two had moreover opened doors for technological knowledge relevant to oil and gas industry in the country.
The CEO of Formula One Group, Mr. Bernard Ecclestone talked to the press regarding the extension of partnership saying, “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.”
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