Petronas's entry into Formula One came through the Sauber team. The company was the exclusive premium partner of Sauber PETRONAS from 1995 to 2005, a period during which Sauber PETRONAS Engineering — in which Petronas held a 40 percent stake — built the chassis that competed with Ferrari-derived engines. When BMW acquired the controlling stake of Sauber PETRONAS Engineering ahead of the 2006 season, the team was rebranded BMW Sauber and Petronas remained as a principal sponsor through 2009, alongside Intel. During this period, Petronas also served as the main sponsor of the Malaysian Grand Prix and co-sponsored the Chinese Grand Prix and the inaugural Korean Grand Prix.
BMW withdrew from Formula One after the 2009 season. On 21 December 2009, Petronas confirmed it would transfer its partnership to the newly formed Mercedes AMG PETRONAS Formula One Team. Since 2010 Petronas has been the team's title and technical partner, supplying fuel and lubricants. Under this partnership, Mercedes won eight consecutive Constructors' Championship titles from 2014 through 2021, in the turbocharged V6 hybrid engine era, along with seven Drivers' Championship titles over the same stretch. From 2014 onward, Petronas also supplied fuel and lubricants to Mercedes customer teams including Force India, Lotus, Manor, Williams (through 2022), and McLaren (from 2021). The Mercedes title and technical partnership has been extended beyond the 2026 season.
Petronas conducted promotional activities around Grand Prix weekends in Malaysia, regularly bringing the BMW Sauber car to locations across the country for public demonstrations.
Petronas entered motorcycle racing sponsorship in 1996 by backing a team called PETRONAS Sprinta TVK in the 250cc class, using Yamaha machinery, with Shahrol Yuzy as rider on a wildcard basis at the Malaysian motorcycle Grand Prix. The team returned with a wildcard in 1997, switching to the 125cc class with Honda, before cycling back to 250cc competition. From 2000 to 2002, the team ran a full season in the 250cc class on Yamaha bikes.
Petronas also sponsored the PETRONAS Malaysia Team in the Moto2 championship from 2011, with Hafizh Syahrin as rider on a Moriwaki motorcycle. The team operated under various arrangements through the mid-2010s using Kalex machinery.
In 2017 Petronas became the main sponsor of the Sepang Racing Team, competing in Moto2 and Moto3 under the PETRONAS Sprinta Racing name. In 2019, the team stepped up to become the satellite Yamaha MotoGP outfit branded PETRONAS Yamaha SRT, fielding Valentino Rossi and 2017 Moto2 World Champion Franco Morbidelli. Petronas did not renew the MotoGP sponsorship beyond the 2021 season. From 2023, the company became title sponsor of the MIE Honda Racing team in World Superbike and World Supersport, which was renamed PETRONAS MIE Honda Racing Team.
Petronas also backed the Malaysian Cub Prix races and was at one point a sponsor of the Foggy PETRONAS Superbike team, which competed in the World Superbike Championship using the Petronas FP1, a three-cylinder 899.5 cc superbike developed in collaboration with Suter Racing Technology and led by former champion Carl Fogarty. The FP1 was fielded from 2002 with riders including Troy Corser, Chris Walker, and Garry McCoy. The bike reached the podium three times during its campaign — including a third place by Walker at the 2004 Valencia round — and Corser achieved pole position twice before the project was discontinued in 2006.
Petronas has also appeared in Super GT, having sponsored PETRONAS TOYOTA TEAM TOM'S, which won the team title in 2008 and the drivers' title in 2009. The series held rounds at Sepang International Circuit from 2005 to 2013. Petronas sponsored all Mercedes-AMG DTM cars from 2011 until Mercedes exited DTM after 2018, providing lubricants for the programme. The company has also backed the PERT (PETRONAS EON Rally Team) and the PETRONAS Adventure Team, a four-wheel-drive competition outfit.
Through its subsidiary Petronas Lubricants International, the company holds official recommended lubricant and fuel status for Mercedes-Benz including AMG models, Proton, Perodua, Tata Motors, Modenas, and Yamaha motorcycles in various markets.
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