Petronas' statement came after Reuters reported the firm is looking to bring back Formula One races to Malaysia in 2026 after a nine-year hiatus, citing three sources familiar with the matter.

Malaysia hosted a leg of the F1 championship at its Sepang International Circuit (SIC) from 1999 but staged its last race in 2017 due to declining ticket sales and rising costs of hosting the event.

Petronas, Malaysia's only Fortune 500 company, won naming rights to the SIC for three years in October last year. The circuit continues to host MotoGP races and other motorsport events.

Petronas' plan to bring back the F1 race was revealed during a company townhall led by the firm's President and Chief Executive Tengku Muhammad Taufik Tengku Aziz on Tuesday, the sources said, declining to be identified as they were not authorised to speak to media.

The sources did not elaborate on the reasons for the return. Petronas, the SIC and the Malaysian prime minister's office did not immediately respond to requests for comment.

Last year, Malaysia's sports minister Hannah Yeoh said hosting an F1 race was "very expensive" and that: "If we could host an F1 race, we already would have done it – but for now, we can’t afford to have races.”

The sport's popularity has widened globally in recent years, driven by the 'Formula 1: Drive to Survive' Netflix TV series and as more countries vie to host the races to raise visibility, boost tourism, and stimulate their economy.

Max Verstappen won the last Malaysian Grand Prix in 2017 while Lewis Hamilton, one of the drivers for the Mercedes-AMG Petronas F1 team, won the drivers' championship that year.

Petronas has been a sponsor of the Mercedes team since 2010, with the partnership bearing eight constructors' and seven drivers' world championships. The team ranked second in the constructors' standings last year, with Hamilton in third and team-mate George Russell in eighth in the drivers' standings.