F1 announces a partnership with Saudi Aramco
Formula 1 has just announced a major partnership with Saudi Aramco, the Saudi national oil company. It thus joins other major F1 sponsors like Emirates, Rolex, DHL, Heineken, and Pirelli. This is the first major F1 sponsor since Liberty Media took control of the commercial rights three years ago.
Just like the former partnerships signed during the Bernie Ecclestone era, this new agreement will allow Aramco to display its brand on most Formula 1 circuits. In addition to that, the Saudi brand will be the title sponsor of the Spanish Grand Prix as well as for Hungary and the United States.
This partnership might seem contradictory and paradoxical if we compare the group’s activities with Formula 1’s ambitions in terms of sustainable development. However, F1 states in its press release that it would combine its expertise with Aramco to identify opportunities to progress in sustainable fuels and also to develop the next generation of power units.
In essence, Aramco is a partner that should enable F1 to achieve its plan for carbon neutrality by 2030.
« We are delighted to welcome Aramco into the Formula 1 family as a long-term global partner as we begin our 2020 season » stated Chase Carey, CEO of Formula 1.
« We are eager to share our expertise and work with Aramco to find new solutions in technological innovation. We will be able to benefit from their capabilities and expertise in the fuels and energy sector. » added Chase Carey.
“We are thrilled to partner with Formula 1, a strong sports brand recognized worldwide with millions of fans,” emphasizes Amin H. Nasser, CEO of Aramco. “We are the world’s largest energy supplier and a leader in innovation, so we have the ambition to find game-changing solutions, leading to more efficient engines using cleaner energy. Such partnerships are important to help us achieve our goals.”
