The oil and gas company will be the title sponsor of the inaugural race at the Buriram Circuit, which will be known as the PTT Thailand Grand Prix.
PTT will also run promotional activities at PTT service stations and participating shops.
Thai media reports that the deal is worth Bt80 million (US$2.4 million). The race will be the first world class motorcycle event to be hosted in Thailand.
The Sports Authority of Thailand, on behalf of the Thai government, recently agreed a three-year deal with Dorna Sports worth Bt100 million (US$3 million) per year to host the MotoGP race.
“PTT supports the government to host the MotoGP in order to show the world that we have one of the best motorsport circuits in the world, and that we are able to host a world class motorsport event as efficiently as other nations,” said Auttapol Rerkpiboon, chief operating officer at PTT.
“PTT and Thailand are exceptionally proud to host the Grand Prix and welcome motorsport enthusiasts from all over the world, which will help boost the country’s revenue. We believe that MotoGP in Thailand will be among the best races in the world and impress the organisers, as well as riders and their teams and supporters who will visit Thailand from all over the world.
“We also believe that a large number of motorsport fans will also take this chance to enjoy their holiday in the country, and this is one of the government’s key objectives in hosting MotoGP.”
Pau Serracanta, managing director at Dorna Sports, added: ”We are thrilled to begin racing in Buriram in collaboration with PTT. This agreement marks an important and valuable investment in the Thailand GP for everyone concerned and will surely prove a key contributory factor to the success of the the newest event on the calendar - from its debut onward."
MotoGP will visit Buriram for a pre-season test in February 2018, before the Thailand Grand Prix takes place from 5th October to 7th October.