KUALA LUMPUR: Petronas yesterday announced a five-year agreement with major auto manufacturer Mercedes, marking a new partnership for the company in Formula One.
Under the terms of the agreement, Petronas will become the title partner to the Mercedes GP team, the reigning world champions.
The team will from 2010 be officially known as the Mercedes GP Petronas Formula One Team.
The partnership also allows related business arrangements with Mercedes that will support Petronas’ international business expansion efforts, particularly in its global lubricant business.
The exclusive rights of a title partner and association with the premium, internationally-renowned Mercedes brand will further enhance Petronas and Malaysia’s ongoing global brand positioning efforts.
Petronas will also be able to continue to leverage on the extensive international exposure offered by the sport to grow its existing business activities.
The partnership also presents Petronas with the opportunity to utilise and leverage on Mercedes’ long motorsports heritage to further supplement its talent development initiatives as part of its contribution towards the development of Malaysia’s motorsports industry.
In addition to enhancing its brand, Petronas’ association and involvement in international motorsports over the past two decades have been a significant contributor to the growth of its business in particular its lubricants business in the global arena.
The association has also paved the way for technological and knowledge acquisition relevant to the oil and gas industry.
Petronas will also continue to be the title sponsor of the Petronas Malaysian Grand Prix, which is proven to be an effective platform to promote Malaysia on the global stage. — Bernama