Red Bull has extended its engine supply deal with Renault Sport for another five years and is set to work hand-in-hand with the manufacturer on the new 1.6-litre V6 turbo engine for 2014.

Renault's V8 and KERS generators will continue to power Red Bull over the next two seasons, with the press release adding that the new agreement would "reposition the relationship between Red Bull Racing and Renault to a premium technical co-operation".

The "premium technical co-operation" will result in Red Bull working closely with Renault on the 2014 powertrain, which will then be used by all the teams Renault Sport supplies. Managing director of Renault Sport F1 Jean-Francois Caubet explained the decision in more detail.

"The V6 power units due to be introduced from 2014 represent a huge undertaking and to have the input, resources and vast in-house F1 car expertise of Red Bull Technology will help the team at Renault Sport F1 in Viry-Châtillon specify, design and develop a competitive unit from the start of the new regulations and optimize its structural integration into the chassis," Caubet said. "Having this particular support will of course be to the advantage of our other team partners, who will indirectly benefit from the joint expertise of the Red Bull Racing and Renault Sport F1."

Red Bull team principal Christian Horner is equally excited about the new deal.

"We're obviously thrilled to announce this significantly enhanced agreement with the Renault-Nissan Alliance, who we have enjoyed a close working relationship with since 2007," he said. "Renault Sport F1 has always been very straight-forward to work with, which has been a contributing factor to the on-going success of the Red Bull Racing-Renault partnership. Together we have so far achieved 22 wins, 32 pole positions, 1130.5 World Championship points and two World Championships. As the relationship moves forward, we intend to build on this and look forward to working with the Renault-Nissan Alliance during future Formula One World Championship campaigns."

President of Renault Sport F1 Bernard Rey added: "We are delighted that the Red Bull Racing- Renault partnership has been extended for a further five years, which will take us to a decade of collaboration. Red Bull Racing and Renault share the views that stability is a fundamental condition to perform at the top levels of competition. As well as being a unique opportunity to showcase the performance of the Renault engines at the highest possible level, it is also is a fantastic arena to develop the technology and expertise within the Renault-Nissan Alliance."