Petrobras Announces End of Partnership With Formula 1 Team McLaren
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 was looking for a way to terminate the advertising contract with McLaren, which would last for five years.
Despite the end of the agreement, the Brazilian state-owned company and the British Formula 1 team emphasized the project’s positive aspects. According to Petrobras, the partnership resulted in clear technological breakthroughs in the fuel and lubricant line, as well as opportunities for future commercial, technological and social responsibility cooperation between the two companies.
“We acknowledge the importance of McLaren in the global auto racing scenario and we are very pleased with the results delivered during the two years of our partnership”, mentioned Roberto Castello Branco, current president of Petrobras.
He further remarked that “the project allowed Petrobras to develop high-tech gasoline and lubricants through research with new raw materials and tests performed under extreme conditions. This technological development will be used in commercial lubricant and fuel products. We see in McLaren a commitment to innovation as well as the potential for future partnerships”.
Zak Brown, CEO of McLaren, reiterated: “We would like to thank Petrobras for the partnership and its support. We have a great deal of respect for the company’s technical and scientific expertise and have no doubt that the company’s technicians have made substantial progress during the period in which we have worked together. We wish everyone in Petrobras success and hope to see them back in the sport again in the future,” he said.
Petrobras has been reducing its investment in sports sponsorship this year. The decision was taken after Roberto Castello Branco’s appointment as president of the state-owned company. As a result, some projects are either losing support or their funding has been reduced.
Petrobras is not the only state-owned company currently reviewing its spending on sports. Recently, Postal Service (Correios) contracts with a number of national sports federations, such as water sports, rugby, tennis, and handball, have ended or are about to expire in the near future and there has been no indication they will be renewed.
Source: Estadão Conteúdo
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