Ahead of the launch of its 2014 car at Jerez on Monday, Scuderia Toro Rosso F1 also announced that it had successfully extended its existing sponsorship agreement with NOVA Chemicals.

The industrial manufacturer of chemicals, plastic resins and associated end-products first came on board in Mid-2011, and the new agreement extends the partnership for a further three years.

"We are delighted that NOVA Chemicals has decided to continue its involvement with Scuderia Toro Rosso," said team principal Franz Tost.

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"It's a show of confidence in the value of our partnership that has worked so well over the past two and a half years," he continued. "This new long term cooperation is of great help when it comes to planning our future, as Toro Rosso strives to move up the order and the grid.

"In addition, the partnership with NOVA Chemicals has also led to valuable synergies on the technical front," he pointed out.

The chemical company is headquartered in Calgary in the Canadian province of Alberta, and is a wholly owned subsidiary of the International Petroleum Investment Company (IPIC) of the Emirate of Abu Dhabi, United Arab Emirates.

"NOVA Chemicals and Toro Rosso are both driven to succeed," said CEO Randy Woelfel. "Whether it's on the circuit or in business, we share the same belief that great safety, focus and innovation will lead to great performance.

"Our shared vision to be industry leaders makes Toro Rosso the right platform to help us expand our brand recognition around the world," he added.