PDVSA deny Maldonado sponsorship concerns

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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