Formula One has unveiled Malaysian oil and gas giant Petronas as its first regional sponsor.
Under the terms of the agreement, Petronas will be listed as the global motorsport series’ official fuel and lubricants partner in China, Italy and Mexico, where it will be granted a range of marketing rights.
The company has been the title sponsor of reigning Formula One world champions Mercedes since 2010 and its regional partnership further enhances its presence within the sport.
Petronas previously sponsored the F1 Festival in Shanghai, China and also served as one of the partners of F1 in Schools, a competition which aims to introduce children to the sport.
“We are thrilled to extend our partnership with the Petronas team to activate and expose their brand in innovative and exciting ways,” said Sean Bratches, Formula One’s managing director of commercial operations. “Regional sponsors are a new category of Formula One sponsorship focused on targeted markets and is a by-product of the investment we have made to drive deeper engagement for our partners to engage fans and deliver results for their brands.
“Building on their partnership with Formula One and Mercedes, Petronas will be prominent in Formula One’s activities in China, Italy and Mexico.”
Zahariah Abdul Rahman, senior general manager of group strategic communications at Petronas, added: “This agreement reaffirms Petronas’ commitment to leverage on Formula One to enhance and accelerate our brand-building efforts globally, especially in target markets where we operate – acting as an extension of the successful partnership we share with Mercedes-AMG Petronas Motorsport.”