Malaysian oil giant and Mercedes F1 title sponsor Petronas has officially ended speculation it was set to exit Formula 1 by agreeing a new 'long-term' sponsorship deal with the title 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 later BMW.

Even so, rumours of Petronas' exit from 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 company'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 new 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 more 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 unsettling 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 only being revealed now.