Venezuelan state-owned oil company PDVSA has alleviated concerns linked to its financial backing of Pastor Maldonado and the driver's immediate future with Renault.

Given the never-ending plunge in oil prices and on the backdrop of a US investigation into corruption allegations linked to the oil giant, many believe its Formula 1 sponsorship may be in jeopardy.

Rumors also surfaced that several installments, initially owed to Lotus (which was taken over by Renault), are long over-due.

The current context prompted speculation that Pastor Maldonado could lose his race seat with Renault in favor of Kevin Magnussen, while it was also learned that Renault representatives had traveled last week to Caracas to conduct talks with PDVSA.

But a spokesperson for the Venezuelan oil company put the claims to rest, insisting that the meeting centered around routine business topics and that any comments regarding its future involvement in F1 were pure speculation.

"We have not received any information other than what was agreed last year with Lotus," the PDVSA official said to Venezuelan newspaper El Universal.

"Such meetings are always held to plan joint activities, so it is nothing strange."

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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.

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