Yamaha Motor Co., Ltd has signed a three-year agreement with Petronas that will see the Malaysian oil and gas corporation become a new Official Sponsor of the Fiat Yamaha Team.

Under the new partnership, Fiat Yamaha will carry the Petronas branding on the team's liveries, including the bikes of reigning six-time MotoGP world champion Valentino Rossi and 2008 rookie of the year Jorge Lorenzo.

Petronas had been linked to the position of title sponsor for the factory Yamaha team, before Fiat extended its agreement for 2009 and 2010.

The new Yamaha/Petronas partnership will also lead to the future extension of an existing business relationship in Malaysia into the South-East Asian region, for the development and production of Yamalube engine oil for Yamaha OEM vehicles.

"This is a very exciting development for Yamaha and for the sport of MotoGP," commented Lin Jarvis, managing director of Yamaha Motor Racing. "Yamaha and Petronas already have a successful business relationship away from racing, and this new, long-term, business partnership will see the ties between the two multi-national companies strengthened further.

"It is especially good to see a global company of Petronas' stature making the decision to enter into our sport at this difficult time and we look forward to working hand in hand with them to develop a long and mutually beneficial relationship," Jarvis added.

The new Fiat Yamaha livery, with Petronas branding, will be seen for the first time on Friday, during free practice for the season-opening Qatar Grand Prix.