KUALA LUMPUR (Oct 18): Petroliam Nasional Bhd (Petronas) and Mercedes have come out to deny a report saying that the two Formula 1 (F1) partners will part ways in 2022 with Saudi Aramco replacing the Malaysian energy company as the Mercedes-AMG F1 team’s title sponsor.
Petronas, in a statement to The Edge, said: “Petronas and Mercedes have been partners since 2010 in a collaborative long-term relationship that is mutually beneficial to both parties.
“Last year, we extended our partnership for another multi-year cycle and we are proud to continue to be working together to deliver cutting-edge performance,” the national oil company said.
Separately on Monday, GPFans quoted a Mercedes spokesperson as providing a similar statement.
The two parties, however, did not elaborate on the details of the multi-year partnership extension.
It was reported that Petronas was planning to conclude its title-sponsorship agreement with the Mercedes-AMG F1 team at the end of the 2021 F1 season, Decalspotters reported on Sunday, quoting sources.
Since 2010, Petronas has been the title and technical partner of the Mercedes-AMG F1 team by providing its fluid technology solutions.
Together, the two partners have achieved an historic seven consecutive double World Championship titles, with three-year contract renewals twice for 2015-2017 and 2018-2020.
Ownership of the Mecedes-AMG F1 team is split among its team principal and chief executive officer Toto Wolff, Daimler AG and international chemical group INEOS, which became an equal partner in the team in December 2020.