Despite controversies of pulling out from Formula One due to global oil plunge, Petroleum Nasional Berhad (PETRONAS) will still be continuing their partnership with the sport, even though they have decided to restrict their spending on capital.
In accordance to the fall in the oil price, the firm recoded a total after-tax profit for RM21bn last year, which is 56 per cent lower than in 2014. PETRONAS also announced that restructuring plans will be taking place starting April 1 but shrugged off any details on job cuts. Even if such takes effect, viewers will be guaranteed that none of it will affect its link with Formula One.
“F1 is one of the initiatives of our brand. Based on last year’s race, we have gotten more exposure and recognition compared to other oil companies,” said President Datuk Wan Zulkiflee Wan Ariffin.
Team Mercedes, whom received sponsorship from the firm since 2009, will still be donning the brand till the deal expires and Wan Zulkiflee reassured that both parties are not at all in a conflict.
“We still have a contract with AMG Mercedes till 2017. The commitment remains and there is no change in strategies.”
PETRONAS made its inaugural appearance in the sport in 1995, where the firm were sponsors to Sauber for a span of 10 years before starting a partnership with BMW Sauber F1 team for four years. It also concedes as the main sponsors of the Malaysian Grand Prix and co-sponsors of the Chinese Grand Prix.
Other posts by Michelle Liew
