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DUBAI: Saudi Aramco is to showcase its clean fuel and high technology ambitions in a major sponsorship deal with Formula 1, the global car racing business.
In what is Aramco’s first global sponsorship of a major sporting event, the world’s biggest oil company will partner with F1 to advertise its products and services to some 500 million racing fans worldwide.
The sponsorship agreement features Aramco trackside branding and grants Aramco the title rights to major F1 races this year. Aramco will also be featured on F1’s integrated digital platforms and television broadcasts.
“We are excited to partner with F1, a strong global sports brand with millions of fans around the world,” said Amin Nasser, Saudi Aramco president and chief executive officer. “As the world’s leading 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,” he added.
Oil companies, including Saudi Aramco, are investing heavily in clean fuel technology as consumers become more aware of global warming issues and investors increasingly assess company carbon footprints.
The F1 world championship runs from March to November and spans 22 races in different countries across five continents. No financial value was put on the sponsorship.