From GMM

Contrary to recent reports, Petronas has decided to remain a formula one team sponsor in 2010 and beyond.

After many years of backing Hinwil based Sauber, it was announced on Monday that the Malaysian oil company is to become Mercedes' title sponsor.

The long term agreement will see the Brackley based team become officially Mercedes GP Petronas formula one team.

The new livery and 2010 Mercedes single seater will make its track debut at Valencia on 1 February.

"Daimler, our premium brand Mercedes-Benz and Petronas will work together both on and off the track and I am sure that everybody involved will guarantee their absolute dedication to success," said Norbert Haug.