This month, state-owned oil giant Saudi Aramco signed a huge global sponsorship deal with Formula 1. The first deal of its kind for Aramco, the company’s officials stated that they were keen to partner up with Formula 1 for their first global partnership “in recognition of the sport’s dynamic appeal and growing global fan base.”
The deal between the two major companies includes Aramco being branded and advertised at most races, and rights to the titles of the Spanish, Hungarian and US Grand Prix in 2020. Aramco is now officially Formula 1’s sixth global partner and sits amongst other internationally renowned companies such as Emirates, DHL, Rolex and Pirelli.
Under the new partnership, both companies have vowed to work towards sharing information that could aid the advancement of the innovation of sustainable fuels and engine efficiencies and mobility technology development. Chase Carey, the Chairman and CEO of Formula 1 stated, “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.”
Delighted with the new sponsorship deal with Formula 1, Amin H. Nasser, Saudi Aramco’s president and CEO stated, “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 deliver on our ambitions.”