The premium partner of BMW Sauber Formula One (F1) team, Petroliam Nasional Berhad (Petronas) said it fully respects the decision made by the BMW Group to pull out of the F1 championship at the end of this season.
The national oil company said its involvement in F1 with the BMW Sauber F1 Team had elevated Petronas' brand positioning around the world and resulted in significant acquisition of knowledge and expertise in technology, as well, as product development.
"Petronas' involvement in F1 with the BMW Sauber F1 Team has been that of a strategic partnership, to complement the company's branding and business marketing objectives through the areas of premium branding efforts," it said in a statement here today.
The statement was in response to BMW's decision to discontinue its participation in the championship as the company felt that the significant F1 budget could be used in other areas.
BMW, however, said it would remain involved in other forms of motorsports.
BMW's withdrawal followed Japanese car maker Honda's decision to pull out ahead of the 2009 season
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