Formula One team Renault have extended their partnership with British company BP Castrol for a further five years.
The new agreement will see the two parties strengthen their relationship, with BP set to explore new opportunities to work globally with the Renault-Nissan-Mitsubishi Alliance. They will also collaborate on the joint development of advanced mobility solutions and new technologies.
Additionally, BP will continue to supply Renault with fuel and lubricants, while its branding will remain on the livery of the French team’s race cars, retaining a sponsorship space it has held since the start of the 2017 Formula One season.
Jérôme Stoll, president of Renault Sport Racing, said: “We are tremendously proud to announce this significant strengthening of our relationship with BP Castrol after laying strong and stable foundations together in 2017.
“BP and Castrol are at the cutting edge in their respective fields and a partnership of this scope, breadth and duration highlights the intents and goals of both parties.”
Tufan Erginbilgic, chief executive of BP Downstream, added: “We look forward to our continued relationship in Formula One and to exploring a wider global cooperation with the Renault-Nissan-Mitsubishi Alliance including the further joint development of advanced mobility solutions and new technologies.
“The automotive landscape is changing faster than ever before and BP is committed to remaining a leader in the development and marketing of fuels and lubricants. This partnership enables us to combine the excellent skills and knowledge across both organisations to tackle the challenges and explore the opportunities of this rapidly evolving market.”
Renault finished sixth in the 2017 constructors’ championship, and will be hoping to improve on that position when the new season starts in Melbourne, Australia on 25th March.