Petronas Pushing For Formula 1 Return To Malaysia By 2026

Malaysia's state oil company, Petronas, is reportedly planning to reintroduce Formula One races to Malaysia in 2026, according to Reuters’ sources, as revealed in a company town hall. The race, if reinstated, would take place at the famous Sepang International Circuit (SIC), which hosted F1 events from 1999 to 2017.

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The decision to bring back F1 racing was disclosed during a meeting led by Petronas' President and CEO, Tengku Muhammad Taufik Tengku Aziz. While the sources did not provide specific reasons for the revival, the move aligns with Petronas' naming rights secured for the SIC in October of the previous year.

Notably, Malaysia ceased hosting F1 races in 2017 due to dwindling ticket sales and escalating event hosting expenses. The initiative to rekindle the Grand Prix would be a strategic step for Petronas, Malaysia's sole Fortune 500 company.

Petronas responded to the reports, stating that there have been no discussions about bringing F1 back to the PETRONAS Sepang International Circuit. Formula One itself has not commented on the matter, and responses from the SIC and the Malaysian Prime Minister's office are awaited.

Last year, Malaysia's sports minister acknowledged the financial challenges associated with hosting an F1 race, emphasising the current inability to afford such events. However, the global popularity of Formula One has surged in recent years, partly fueled by the Netflix series "Formula 1: Drive to Survive."

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While the Sepang International Circuit no longer hosts F1 races, it continues to host MotoGP races and various other motorsport events. The unexpected move to reintroduce F1 races is perceived as a potential boost for tourism and the Malaysian economy.

Petronas, a long-standing sponsor of the Mercedes team since 2010, has played a significant role in their success, contributing to eight constructors' and seven drivers' world championships. Last year, the team secured the second position in the constructors' standings, with Lewis Hamilton finishing third and teammate George Russell eighth in the drivers' standings.

As the global F1 community awaits further developments, Petronas is scheduled to announce its full-year 2023 and fourth-quarter earnings in early March, following a lower third-quarter profit in November due to softer revenue amid decreased oil and gas prices.