RIO DE JANEIRO, BRAZIL - Two weeks after the Ministry of Economy reported that Petrobras has canceled the sponsorship agreement with McLaren's team in Formula 1 racing, the two companies announced on Monday the end of the technical partnership and sponsorship they had been developing together.
The contract value was R$872.5 million (US$218.1 million).
The agreement was signed when Petrobras was run by Pedro Parente, during the Michel Temer administration. In February this year, the state-owned company had reported that it was reviewing its sponsorship policies.
In May, President Bolsonaro announced on Twitter that he . . .
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