Singapore will host Formula One races until 2021

Daniel Ricciardo was quickest in opening practice for the Singapore Grand Prix

Speaking on the sidelines of the Singapore Summit on Saturday, Rhodes explained how his company provides the electronics backbone for the entire race series.

Officials said on Friday that the cost of hosting the race has been reduced to S$135 million ($100 million or 84 million euros).

Why is the Singapore Grand Prix held at night?

After announcing a new four year deal for Singapore, F1 CEO and chairman Carey reiterated that Asia is a "tremendously" important region for the sport and India figures in their scheme of things for the future, if not now, with the calendar already packed till next year.

McLaren's Fernando Alonso on Thursday said he wanted to win with whichever Formula 1 team he races for in 2018.

"We're proud of the race, we have a good relationship and our goal is to get to a place where we build on that partnership long-term".

THE Singapore Grand Prix is now a regular fixture on the Formula One calendar.

The street circuit, which has unique appeal as a night race, first hosted a race in 2008.

Meanwhile, Lionel Yeo, Chief Executive of the Singapore Tourism Board, stated that the race has provided an excellent platform for businesses to test bed new lifestyle initiatives and products.

"Over the years, the Singapore event has distinguished itself as one that is not just about the competition, but one complemented by a strong line-up of concerts, entertainment and lifestyle offerings both within the circuit park and throughout the city".