Red Bull Racing today announced a partnership agreement with Ferrari, who will supply the team with engines during 2006 and 2007 FIA Formula One World Championship seasons.

"Red Bull Racing has made an excellent start in its debut year and this agreement ensures that the team will have the best possible basis for continuing to make progress in the future," a Red Bull press release stated," with a team whose history is steeped in success and legendary achievements spanning over 50 years."

Christian Horner, Sporting Director of the Red Bull F1 team commented earlier today, “Ferrari is synonymous with success in Formula 1 and we are extremely proud and privileged that Red Bull Racing will be powered by Ferrari engines from 2006 onwards.
 

"This is an enormous boost for the team and underlines our commitment to compete at the forefront of Formula 1,” Horner concluded.

“We are pleased to have reached this agreement with Red Bull Racing to supply them with our F1 engines,” said Ferrari Managing Director, Jean Todt at Imola this morning. “The determination, motivation and enthusiasm of the people at Red Bull Racing were key factors in us taking this decision. This collaboration fits in with the fact that, since 1991, with a break from 1993 to 1996, Ferrari has supplied its F1 engines to other teams.”

Ferrari currently supply the Switzerland-based Sauber Grand Prix team with F1 engines, which are then re-badged as Petronas units in deference to the team's title sponsor. This agreement, which began in 1997, concludes at the end of the 2005 season, with Sauber expected to switch to BMW powerplants.