Formula 1: Saudi Aramco (petrol) becomes the sixth global partner of Formula One Group from 2020

Saudi Aramco, a Saudi Arabian national petrol and natural gas company and the official Saudi Arabian oil company, has become a global partner of the Global Formula 1 circuit from 2020 as part of a "long-term" agreement, announced Formula One Group, the company that owns the rights to Formula 1, on 10/03/2020. This is the first global sponsorship agreement signed by Saudi Aramco, while Saudi Arabia has been accelerating its position in sports since 2018 (see below).

Saudi Aramco joins DHL (transport and logistics), Emirates (airline), Heineken (beer), Pirelli (tyres) and Rolex (watchmakers), as first level partner in the sponsorship heirarchy of Formula One. As part of this agreement, Aramco has obtained the naming rights for the US, Spanish and Hungarian Grand Prix in 2020. Saudi Aramco is the first new global partner of F1 under Liberty Media Corporation (acquisition of Formula One Management on 07/09/2016).

"Formula 1's international platform will connect Aramco to an engaged audience of 500 million fans and allow it to better communicate its success stories to the world. Formula…