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Aramco pays upwards of $40m per year to join F1 top tier

(Mark Thompson/Getty Images)

Saudi Aramco, one of the world’s biggest oil and gas companies, will pay between $40m (€36.6m) and $45m per year for global partner rights to Formula 1 over 10 years from 2020 to 2029.

The largely state-owned energy producer is believed to be the world’s most profitable company. This is its first global sponsorship of a major sporting event.

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