Russia's first and only Formula One driver, Vitaly Petrov, will remain with Renault for another two seasons after he signed a new contract with the team on Wednesday, the official F1 Website reported.
"I am very happy to continue with the team and proud to be representing Lotus Renault GP for the 2011 and 2012 seasons," Petrov was quoted as saying.
The 26-year-old Russian, who debuted in F1 in 2010, had mixed success this season, finishing 13th in the overall standings comparing to the 8th place of his teammate Robert Kubica of Poland. Petrov's best result this season was fifth place at the Hungarian GP.
"I am very excited about working with this great team once more, and I'm confident that I will deliver. In many ways, 2010 was about learning. 2011 will be about performing. Today, I feel I am ready to rise to this challenge," he added.
Gerard Lopez, the team chairman, said he was "delighted" to have Petrov for another two years as the Russian "has the potential to deliver."
"Also, thanks to Vitaly and the team, Russia is opening up to Formula One. Over the past few months, we've established close links with this country and with some of its strongest companies. We're looking forward to building on this special relationship and turning it into a very successful adventure over the next two seasons," Lopez was quoted as saying.
The Russian leadership is taking a growing interest in Formula 1, which along with FIFA World Cup and the Olympic Games is in the top three of the world's most popular sporting events.
In October, Russia signed a multimillion-dollar agreement with F1 to stage a Grand Prix near the Black Sea resort city of Sochi between 2014 and 2020. Last month, Russian Prime Minister Vladimir Putin tested his skill as a Formula 1 racer, driving a race car for several laps at a speed of 240 km/h (150 m.p.h.) on a special track in the Leningrad Region in Russia's northwest.
In the latest development of news, Russian sports car manufacturer Marussia Motors acquired on November 6 a significant stake in UK-based Virgin Racing to create a Russian Formula 1 team.
MOSCOW, December 22 (RIA Novosti)
