Petronas extends Mercedes title sponsorship

Malaysian state oil and gas firm Petronas has signed a multi-year extension to its title sponsorship of Formula One champions Mercedes despite Malaysia dropping off the race calendar after this season, the team said on Saturday.

The deal was signed at the end of last year but kept under wraps by both parties.

"We intend to stay the course," Petronas president and group chief executive Wan Zulkiflee Wan Ariffin said in a statement at the British Grand Prix.

"With new rules and regulations for this year, and many new things for the fans, the sport is increasing in terms of audience and that's great."

Formula One changed ownership in January, with U.S.-based Liberty Media taking over.