F1: Singapore Grand Prix will be on the Formula One calender untill 2021

Singapore Trade and Industry Minister revealed the deal took several rounds of negotiations before reaching an agreement.

Singapore Grand Prix
Workers walk on the track ahead of the Singapore F1 Grand Prix at the Marina Bay street circuit in Singapore Reuters

Formula One have confirmed that Singapore Grand Prix will be a part of the annual calendar until 2021 after they agreeing a four-year extension.

The current contract of the Singapore GP was set to run down in 2017 and this year's race is set to take place at the Marina Bay street circuti on Sunday. F1 chairman, Chase Cary had earlier admitted that there was no intention to drop the iconic nigh race out of the schedule list.

The dilemma about the night race came to an end when officials confirmed that the iconic South-East Asian race will be a part of the Formula One calendar for next four years.

Singapore Trade and Industry Minister, S. Iswaran, Singapore GP official, Ong Beng Seng, the Chief Executive of the Singapore Tourism Board, Lionel Yeo and the Formula One CEO, Carey officially announced the contract news.

"The Singapore Grand Prix is a signature Formula 1 race and therefore we are very pleased that it will continue to feature on the calendar for a further four years," Carey said as quoted by CRASH.

"The first ever night race in this sport is one of the most thrilling events of the year, taking place against the stunning backdrop of Marina Bay.

"The Singapore Grand Prix, the Singapore Tourism Board and the Singapore Government have all done an excellent job of making this an event that involves the whole city. We are looking forward to offering our continued support to make the next four years even more spectacular and exciting."

During a press conference at The Ritz-Carlton Millenia Singapore, Carey said that the South East Asian country has its own glamour and priority, so he will put all his efforts to come to a positive settlement.

However, Iswaran said that the deal took several rounds of negotiations before reaching an agreement over an extension.

"The F1 Singapore Grand Prix has generated significant benefits for our economy as well as the Formula 1 franchise," Iswaran was quoted as saying by First Post.

"With its global viewership and media coverage, the race has reinforced Singapore's image as a vibrant and innovative city to a wide international audience. It has also created good opportunities for Singaporeans and the local business community.

"We look forward to the continued support of all Singaporeans as we work with Formula 1, Singapore GP, and all stakeholders, to ensure the F1 Singapore Grand Prix remains an event that we can all be proud of.

"Our race promoters have been able to work with different parties in terms of how they can realize operational efficiencies and also find new ways to generate some of the revenue possibilities as well," the Minister said.