Mercedes F1 partner Petronas says it will continue its collaboration with the German outfit based on its multi-year deal with the latter, dismissing rumors of an impending exit from F1.
The Malaysian oil and gas company has partnered with the Mercedes works outfit since its return to F1 in 2010, a collaboration that has yielded tremendous success.
However, Petronas' departure from MotoGP that was announced last summer led to speculation that the company could also exit F1.
Over the weekend, a story emerged claiming that Mercedes was set to drop Petronas in favour of a title sponsorship deal with Saudi Aramco.
The report argued that Mercedes F1 part-owner INEOS' involvement in Saudi Arabia had paved the way for a partnership between Aramco and Mercedes.
But in a statement published on Monday, Petronas has moved to dispel the hearsay.
"Petronas and Mercedes have been partners since 2010 in a collaborative long-term relationship that is mutually beneficial to both parties," the company said.
"Last year, we extended our partnership for another multi-year cycle and we are proud to continue to be working together to deliver cutting-edge performance."
Formula 1 will race in Saudi Arabia for the first time later this year, with Jeddah hosting a round of the F1 world championship on December 5.