Petronas signs new multi-year deal with Mercedes

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Despite F1 losing the Malaysian GP, the country's main oil company Petronas has revealed that it extended its sponsorship agreement with Mercedes.

The news puts egg on the face of pundit Eddie Jordan who recently stated that Petronas would pull out of F1 and entice Mercedes to eventually do the same.

Mercedes Toto Wolff publicly denied Jordan's baseless claims at the time and today's announcement confirms that Petronas will remain with the German squad for at least another three years.

"I told him I'm ready for any banter with Eddie," said Wolff.

"But for me I stop laughing when it's about making jokes on the back of 1500 employees that care about their future."

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Petronas CEO Datuk Wan Zulkiflee Wan Ariffin said that while the demise of the Malaysian GP was unfortunate, it has no impact on the company's Mercedes commitment.

"Our involvement in motorsports actually began in 1995, which is a few years before the first race in Sepang in 1999," he said.

"And we intend to stay the course.

"The partnership has given us very positive results for many years and I am pleased to announce the extension of the sponsorship contract with the team."

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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.