While it is logical we would discuss supplying Toro Rosso based on our partnership with Infiniti Red Bull Racing, it was not a foregone conclusion. We carefully considered what is best for all parties before concluding the agreement. Toro Rosso is a well-run, established team, with strong personnel and facilities giving the team the potential to be a regular points contender.

Renault remains involved in F1 to win and demonstrate the excellence of its products. To achieve our aims we need to have teams functioning at the highest level, which is why we are delighted to sign with Toro Rosso.

Off track it will also enable us to further promote the association with the Red Bull brand to our customers worldwide. We look forward to creating a long and multi-level relationship with Toro Rosso, just as we have with Infiniti Red Bull Racing.

We are very pleased to have reached an agreement to use Renault power units from the 2014 season onwards, when the new regulations will present interesting challenges. It is particularly important that we have managed to finalise our plans early, so that we can be as well prepared as possible for next year.  While looking forward to working with Renault, I would also like to thank Ferrari, our engine supplier since 2007. They have provided us with an extremely effective and reliable engine and an excellent service.

History shows us how successful Renault has been in Formula 1, with over 150 Grands Prix wins, not to mention taking the last three titles with Infiniti Red Bull Racing. I believe Renault will come up with a very powerful and efficient package to suit the new regulations and we want to be part of this. In addition, the use of the Renault engine will allow us to enjoy synergies with Red Bull Technology, as we will run their gearbox from 2014 onwards and that will help us reduce costs as we will have no need to develop our own. Our engineers have already had meetings with Renault, sharing information about working practices and now that the agreement has been signed, we will continue these meetings to deal with the very complicated technologies involved in next year’s power package.

Strategically for Red Bull and Renault, it makes perfect sense for Scuderia Toro Rosso to use the same power unit as Infiniti Red Bull Racing from the 2014 season, which enables synergies between Red Bull and Renault to continue to grow.

I’m pleased to see this deal come together. Renault’s contribution to the sport and continued support of multiple teams is important to keep the diversity of the field in the coming years.