By Associated Press - Saturday, May 24, 2014

MONACO (AP) - Formula One team Mercedes has signed a long-term extension with Malaysian oil and gas company Petronas.

The partnership between Mercedes and Petronas dates back to 2010 when the Silver Arrows team returned to Formula One for the first time since 1955. The team has made a great start to the season by winning the first five races, with British driver Lewis Hamilton clinching the past four after Germany’s Nico Rosberg won the season’s opener in Australia.

Mercedes chairman Dieter Zetsche and team principal Toto Wolff attended a news conference on Saturday morning prior to the third practice session of the Monaco Grand Prix. Petronas chief executive Shamsul Azhar Abbas was also present.

Zetsche told reporters that the new partnership was based on a “multi-year” deal, without giving further details.

Wolff, meanwhile, did not confirm reports that Rosberg has signed a new two-year extension to his contract with Mercedes, saying only “there are lots of rumors in the paddock.”

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