Bloomberg report that Brazil’s state-run oil company Petroleo Brasileiro SA is looking for a way to pull out of a pricey sponsorship deal with the McLaren Formula 1 racing team, President Jair Bolsonaro declared on his Twitter account.
He wrote: "In 2018, Petrobrás signed an advertising contract of R$782-million ($191-million) with McLaren, valid for five years. At the moment, the company, by decision of my Government, seeks a way to terminate the contract.
Bolsonaro, who took office in January, has promised to shrink government spending, and among other things he has aimed fire on advertising and publicity costs.
Petrobras Chief Executive Officer Roberto Castello Branco said in an interview in April that the company would end its sponsorship of McLaren without specifying that it would attempt to rescind the contract.
He said at the time that publicity campaigns would focus on childhood education, science and technology, plus a few cultural institutions in Rio de Janeiro, where the oil giant is headquartered.
Soon after signing the deal with Petrobras, McLaren began selling its luxury sports cars in Brazil at a showroom in Sao Paulo, which also hosts an annual Formula 1 race.
Bolsonaro last week announced plans to accept bids to build and operate a new F1 racetrack in Rio de Janiero, on land ceded by the military.
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