PETALING JAYA: Petronas have signed an agreement with the Formula One Group to extend their title sponsorship of the Malaysian Grand Prix for another five years.
Under the extended partnership, Petronas will also get extensive advertising, branding and promotional benefits for the event until 2015.
The partnership will provide Petronas the opportunity to continue leveraging on F1's massive global appeal to build and support their international business expansion efforts as well as position Malaysia as a major sporting and tourism destination.
The senior general manager, corporate services division for Petronas, Mohd Medan Abdullah, said: "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.
"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."
As the first modern Asian F1 venue since Japan, the Malaysian GP has since been credited as the catalyst in opening Asia to the sport.
Besides Malaysia and Japan, the other Asian venues on the F1 calendar include China, Bahrain, Singapore, Abu Dhabi and South Korea.
http://thestar.com.my/sports/story.asp?file=/2010/9/2/sports/6961835&sec=sports
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