The boss of the state-owned Malaysian oil company Petronas has played down reports it is set to remain a sponsor of a formula one team in 2010.

The boss of the state-owned Malaysian oil company Petronas has played down reports it is set to remain a sponsor of a formula one team in 2010.

The Kuala Lumpur based company has been a long-time backer of the Sauber team, but the deal is believed to have ended when former owners BMW withdrew.

However, reports in recent days indicated that with the sale of the Hinwil based team back to its founder Peter Sauber, Petronas was set to re-commit.

But Malaysia's Star newspaper quotes president Tan Sri Mohd Hassan Marican as confirming only that Petronas will continue to be the title sponsor for the grand prix at Sepang.

"Next year, we have no team and the only reason for us to go back into formula one is on a business deal, for the lubricant business," he said.

 

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