Multinational petroleum company BP has extended its sponsorship of multinational automotive manufacturer Groupe Renault’s motorsport division Renault Sport Racing.

BP will continue its support of Renault Sport Formula One Team for at least the next five years and explore new opportunities to work globally with the Franco-Japanese strategic automotive partnership Renault-Nissan-Mitsubishi Alliance.

In a successful meeting between Renault chairperson and CEO Carlos Ghosn and BP group chief executive Bob Dudley during which they shared their vision for the future, BP, industrial and automotive lubricant brand Castrol and Renault Sport Formula One Team will collaborate in several areas – both on and off the track.

In addition to the fuel and lubricants supply by BP and Castrol, the partnership will go beyond Formula 1 and the partners will collaborate on the joint development of advanced mobility solutions and new technologies.

“We are proud to announce this significant strengthening of our relationship with BP and Castrol after laying strong and stable foundations together last year. “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,” says Renault Sport Racing president Jérôme Stoll.

BP global manufacturing and marketing operations BP Downstream chief executive Tufan Erginbilgic says the company is looking forward to its continued relationship in Formula 1 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 skills and knowledge across both organisations to tackle the challenges and explore the opportunities of this rapidly evolving market,” Erginbilgic adds.

BP and Castrol are the official fuel and lubricant providers for the Renault Sport Formula One Team.