Hingham, England: The Caterham Formula One team has followed its signing of Russian driver Vitaly Petrov for next season by bringing in Russian petrochemical company Sibur as a sponsor.

Caterham team principal Tony Fernandes announced an agreement with Eastern Europe's largest petrochemical company just three days after bringing in the 27-year-old Petrov to replace Jarno Trulli.

Fernandes says "F1 is a truly global sport and Sibur's investment in our sport is proof of the value F1 can bring."

The first Russian to drive in F1, Petrov was released by Renault after finishing 10th in the world championship standings in his second season in the sport.

Caterham was formerly known as Team Lotus.