Malaysia’s state oil firm Petroliam Nasional — or Petronas — is seeking to carry System One races again to Malaysia in 2026 after a nine-year hiatus, three sources with data of the matter informed Reuters.

Malaysia hosted a leg of the F1 world championship at its Sepang Worldwide Circuit (SIC) from 1999 however staged its final race in 2017 resulting from declining ticket gross sales and rising prices of internet hosting the occasion.

Petronas, Malaysia’s solely Fortune 500 firm, gained naming rights to the SIC for 3 years in October. The circuit continues to host MotoGP races and different motorsport occasions.

Petronas’ plan to carry again the F1 race was revealed throughout an organization townhall led by the agency’s President and Chief Govt Tengku Muhammad Taufik Tengku Aziz on Tuesday the sources mentioned. They delclined to be recognized as they weren’t authorised to talk to media.

The sources didn’t elaborate on the explanations for the return. Petronas, the SIC and the Malaysian prime minister’s workplace didn’t instantly reply to requests for remark.

Final yr, Malaysia’s sports activities minister Hannah Yeoh mentioned internet hosting an F1 race was “very costly” and that: “If we may host an F1 race, we already would have finished it — however for now, we will not afford to have races.”

F1’s workplace didn’t instantly reply to a request for remark.

The game’s recognition has widened globally in recent times, pushed by the ‘System 1: Drive to Survive’ Netflix TV collection and as extra nations vie to host the races to lift visibility, enhance tourism, and stimulate their economic system.

Max Verstappen gained the final Malaysian F1 Grand Prix in 2017 whereas Lewis Hamilton, one of many drivers for the Mercedes-AMG Petronas F1 workforce, gained the drivers’ championship that yr.

Petronas has been a sponsor of the Mercedes workforce since 2010, with the partnership bearing eight constructors’ and 7 drivers’ world championships.

The workforce ranked second within the constructors’ standings final yr, with Hamilton in third and workforce mate George Russell in eighth within the drivers’ standings.

Petronas is because of announce its full yr 2023 and fourth quarter earnings revenue in early March. In November, the corporate posted a decrease third-quarter revenue on the again of softer income resulting from decrease common realized oil and gasoline costs.