Petronasâ partnership with Mercedes-Benz during the Formula One World DriversâÂ (F1) Championship has earned it, US$901.08million (RM3.7bil) in global media exposure (GME) last year, according to The Star. It is also the first time that oil giant revealed figures in justifying its participation in F1 championship.
The GME measures the value derived from brand exposure via live and repeated telecast of the various races in the championship.
Petronasâ media exposure rose by 400% between 2012 and last year, making it the top oil and gas (O&G) brand in F1. The company said, the media impact on its involvement in the F1 championship was almost four times higher compared to the average media impact enjoyed by O&G firms, estimated at US$200 million.
President and group chief executive of Petronas, Datuk Wan Zulkiflee Wan Ariffin said that its partnership with Mercedes-Benz and involvement in the F1 championship has given the brand extensive global awareness and visibility. Besides that, this collaboration also accelerated its technology in terms of fuel and lubricants.
âThe notion that we pay to put our sticker on the car is very wrong. The race is all about efficiency and Petronas is the technical partner that supplies the lubricants to the cars that have won races,â said Wan Zulkiflee. He also told several media outlets that Petronas would continue its involvement with the F1 as it serves to boost its brand presence, on top of enhancing its technical know-how.
There are no official numbers on the F1 sponsorship for the racing team coming from Petronas. But the Star article said that inÂ 2009 that Petronasâ sponsorship of the Mercedes-Benz F1 championship team was ÂŁ30 million a year for the expected long-term partnership.
Petronas has been involved with the F1 championship since the 1980s, and its technical partnership with Mercedes-Benz started in 2010.