Petrobras and McLaren have concluded their technical and sponsorship agreement by mutual consent. According to the Woking team and Petrobras the partnership produced clear technological advances in fuels and lubricants and identified opportunities for future collaborations in commercial, technology and social responsibility fields between the two companies.

"We recognize the importance of McLaren in global motorsport and we are very satisfied with the results delivered during the two years of our partnership" said Roberto Castello Branco, Chief Executive Officer.

"The project allowed Petrobras to develop high-technology gasoline and lubricants through research with new raw materials and tests performed in extreme conditions," he added. "The technological development will be used in lubricant and fuel products. We see in McLaren a commitment to innovation and also the possibility of future partnerships."

"We would like to thank Petrobras for their partnership and support," said Zak Brown. "We have great respect for their technical and scientific capabilities, and there is no doubt the company's technicians have made substantial progress in the time we have been working together. We wish everyone at Petrobras every success and hope to see them back in the sport again in the future."

The announcement follows comments made on social media earlier in the year when Brazil's president, Jair Bolsonaro tweeted: "In 2018, Petrobras signed an advertising contract of R$782 million with McLaren, valid for five years. At the moment, the company, by decision of my government, seeks a way to terminate the contract."

Last month, a report by the Ministry of the Economy reviewing the first nine months of Bolsonaro's controversial presidency revealed that "an unjustifiable Petrobras sponsorship agreement for the McLaren Formula 1 team - worth £163 million - was terminated".