The new deal also strengthens the potential of a Saudi Arabian Grand Prix in the future, with rumours suggesting that a 2023 race date is already a part of the sport’s future plans.
Said to be part of the country’s ‘Vision 2030’ plans, a new purpose-built circuit could be ready to host a Formula 1 race by 2023, though a Saudi Arabian race may happen before then with a temporary street circuit constructed in the city of Jeddah.
F1 CEO Chase Carey said the deal was an important step for the sport in developing its expertise in fuel and energy.
“We are delighted to welcome Aramco to the Formula 1 family as a long-term Global Partner as we start our 2020 season,” he said.
“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.”
“We have the ambition to find game-changing solutions for better-performing engines and cleaner energy.” Aramco president and CEO Amin H. Nasser said.
“Partnerships like these are important to help us to deliver on our ambitions.”