BP will pay an eight-figure sum as a partner of the US Olympic Committee, after agreeing to partner the USOC for the next four years.

The deal, signed during the winter Olympic Games currently underway in Canada, sees BP become one of the USOC's major backers. It is in addition to BP's existing Olympic contracts, including a sponsorship of the London 2012 Olympic Games.

BP will be a sponsor of the 2010 and 2012 US Olympic and Paralympic Teams, as well as the 2011 US Pan American Team.

"Today marks a big win for the USOC. We are extremely proud and appreciative to welcome BP to our growing family of U.S. Olympic Partners," said USOC chief executive Scott Blackmun. "The Olympic and Paralympic Games are the ultimate showcase of human endeavor and performance and we are thrilled to partner with an organisation that has high performance at its heart."

BP America chairman and president Lamar Mckay added: "We look forward to partnering with America's Olympic and Paralympic teams to engage with the millions of customers we serve each day, as well as our own employees. As the largest contributor to US energy development including oil, gas, biofuels, wind, solar and energy efficiency, we are pleased to support Team USA and the USOC."

'The USOC announcement is considered a victory in a rough economic climate,' noted the Associated Press. 'The federation recently signed Procter & Gamble to a significant deal and is looking to make up for the loss of some key sponsors after the Beijing Olympics.'

• P&G signs on with US Olympic Committee

P&G's deal, signed in September, is thought to be worth as much as US$5.5 million per year, but reports placed BP's closer to US$15 million over the four-year contract.