Oil Company Backs Williams F1 Team

Cash-rich oil company PDVSA has agreed a long-term deal with Williams following the F1 team’s signing of Venezuelan race driver Pastor Maldonado.

The company from Venezuela is the world’s fifth largest oil exporter and the country’s President Hugo Chavez announced the deal.

The deal comes as a huge boost to the British based team that lost major sponsors at the end of last season including Royal Bank of Scotland.

PDVSA’s agreement sees them continue to back Maldonado after the company sponsored him to victory in last year’s GP2 series.

Team owner Frank Williams said of the deal: ‘They are a substantial partner and can make a meaningful difference to our fighting ability.’