Malaysian oil giant and Mercedes F1 title sponsor Petronas has offici🧜ally ended speculation it was set to exit Formula 1 by agreeing a new 'long-term' sponsorship deal with the tiꦆtle winning team.

The company has title backed the Mercedes team since the German manufacturer returned to the sport in 2010, though its involvement in the sport stretches back to 1995 when it initially found international recognition as a prominent backer of the Sauber team and 𓄧later BMW.

Even so, rumours of Pe🦩tronas' exit fro𒀰m the sport were fuelled by the Malaysia was dropping off the F1 calendar after this season's event after 18 years on the schedule.

However, despite Petronas' involvement in the Sepang event, President and CEO Datuk Wan Zulkiflee Wan Ariffin says it doesn't mean the end of the compꦦany's successful partnership with Mercedes.

"There is a renewed vitality and a new level of energy in the sport this year. With new rules and regulations for this year, and many 𒀰new things for the fans, the sport is increasing in terms of audience and that's great. And for all of us at PETRONAS, we know that the technical contribution will be even ꦬmore important this year because of the stiff competition from our rivals."

Last month former team owner and Channel 4 pundit Eddie Jordan angered Mercedes boss Toto Wolff by suggesting Petronas on its way out of the sport, saying such 'fake news was unnecessarily un♑settling for the team's employees'

However, Mercedes makes a point in its communication that💛 the deal was in fact agreed back in 2016 but is ꦡonly being revealed now.