Shell extends Ferrari partnership for five more years

MONZA, Italy (Reuters) - Shell and Ferrari have extended the oldest partnership in Formula One for a further five years, both sides announced on Sunday. The Anglo-Dutch oil company's relationship with the Italian team dates back to before the world championship started in 1950, with Shell sponsoring Enzo Ferrari as a driver even in the late 1920s. "Signing this contract is a further step forward in terms of stability and we are happy to have extended our collaboration with Shell," said Ferrari principal Maurizio Arrivabene in a statement. "Historically, engines are the cornerstone of our company and that means all the work we do with Shell starts from our history as an engine builder." (Reporting by Alan Baldwin, editing by Amlan Chakraborty)