The FIA Formula 1 World Championship has secured a new long-term deal with state-owned oil giant from Saudi Arabia, Aramco.
As part of the strategy of Formula 1 to go green, there were new sustainability plans announced back in November of last year; the new agreement with Aramco will help to develop and improve technologies partnering with F1 to create for instance; engine efficiency, sustainable fuel and ultimately, mobility technology to accelerate the sport’s plans. Saudi Aramco specializes in the production of chemicals and energy, therefore, it will play a big part in the pinnacle of motorsports to reach carbon neutral by 2030.
Saudi Aramco will be joining Formula 1’s global partners, alongside Pirelli, DHL, Emirates, Rolex, and Heineken. With this agreement, the Spanish, Hungarian and US Grand Prix will carry Saudi Aramco as title sponsor.
“We are delighted to welcome Aramco to the Formula 1 family as a long-term Global Partner as we start our 2020 season,” said F1 CEO, Chase Carey.
“We are looking forward to sharing our combined expertise and working with Aramco on technological innovation. We will benefit hugely from its capabilities and expertise in the fuel and energy sector,” he added.
The deal is expected to be part of a wider expansion into Saudi Arabia, which announced earlier on the year the plans to host a round in Riyadh, at a newly constructed circuit, in a new entertainment and business development outside of the capital city.
Following this announcement, Aramco president and CEO, Amin H. Nasser said:
“We are excited to partner with Formula 1, a strong global sports brand with millions of fans around the world. 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.”
