Saudi Aramco, the world’s biggest oil company, announced inking a major sponsorship deal with Formula 1, the global car racing business.
This will mark Aramco's first global sponsorship of a major sporting event.
The sponsorship includes displaying the Saudi Aramco brand at Formula 1 race tracks around the world, in addition to sponsorship rights for a range of grand prix races in 2020.
This will grant Aramco the opportunity to advertise its products and services to some 500 million racing fans worldwide.
“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.
The F1, which first emerged in 1950, runs from March to November and spans 22 races in different countries across five continents.
