Petronas extends Malaysian GP deal
|Thursday, September 2nd 2010, 10:36 GMT|
Malaysia's state oil company Petronas has signed a new five-year deal to title-sponsor the Asian country's grand prix.
The new agreement will see Petronas sponsor the Sepang race until 2015.
The oil company has sponsored the event since it took place for the first time in 1999.
"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, senior general manager, corporate services division Petronas.
"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."