F1 secures major sponsorship deal with Saudi Aramco
Formula 1 has announced a new long-term sponsorship agreement with state-owned Saudi Aramco.
It marks the first new major sponsor F1 bosses have announced since Liberty Media’s takeover of the sport, with Aramco joining the likes of DHL, Emirates, Heineken, Pirelli and Rolex as global partners.
Aramco specialise in energy and chemicals production and hope to develop its technologies with F1 to create sustainable fuels and improve engine efficiency as part of the sport’s new sustainability plans announced last November.
Formula 1 has announced a new long-term sponsorship agreement with state-owned Saudi Aramco.
It marks the first new major sponsor F1 bosses have announced since Liberty Media’s takeover of the sport, with Aramco joining the likes of DHL, Emirates, Heineken, Pirelli and Rolex as global partners.
Aramco specialise in energy and chemicals production and hope to develop its technologies with F1 to create sustainable fuels and improve engine efficiency as part of the sport’s new sustainability plans announced last November.
Aramco is considered to be one of the companies with the highest level of carbon emissions worldwide, while in a recent investigation by The Guardian it estimated the Saudi company has contributed almost 60billion tonnes of carbon dioxide since 1965.
Saudi Arabian officials have also been working with F1 on the prospect of hosting a race in the country, following on from its Formula E debut with the Diriyah E-Prix in 2018 and a double-header in 2019.
The deal will see Aramco branding at most F1 races with the Saudi Arabian company acting as title sponsor to the United States, Spanish and Hungarian rounds in 2020.
“We are delighted to welcome Aramco to the Formula 1 family as a long-term global partner as we start our 2020 season,” Chase Carey, F1 CEO and Chairman, said.
“We are looking forward to sharing our combined expertise and working with Aramco on technological innovation and we will benefit hugely from its capabilities and expertise in the fuel and energy sector.”
“We are excited to partner with Formula 1, a strong global sports brand with millions of fans around the world,” Amin H. Nasser, Aramco President and CEO, added.
“As the world’s largest energy supplier and an innovation leader, we have the ambition to find game-changing solutions for better-performing engines and cleaner energy. Partnerships like these are important to help us to deliver on our ambitions.”
The 2020 F1 season gets underway this weekend with the Australian Grand Prix at Albert Park.
