Therefore, after much speculation over the past few weeks, there will continue to be at least four power unit suppliers in Formula 1 over the next three years, with the ten teams now entered in the championship using either Honda, Renault, Mercedes or Ferrari engines.
Chase Carey, the chairman and CEO of Formula One, said the race was "a signature" of the World Championship calendar - and one of its most "thrilling events".More news: Iraq referendum : Parliament votes to reject poll on Kurdish independence
The announcement comes against the background of a year-to-date 19% increase in ticket sales, with the weekend sales still to be included.
The night race around the streets of the south-east Asian city state made its debut in 2008 and has become one of the blue riband events of the season.More news: FPL communications 'overwhelmed' with outage reports, customer inquiries
"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", Carey added.
Singapore's Minister for Trade and Industry S Iswaran emphasised the importance of the race for the city's economy as well as F1. "It has also created good opportunities for Singaporeans and the local business community", Iswaran said. This event has also showcased Singapore as a handsome, vibrant and attractive destination to over 780 million global broadcast viewers.More news: Slender Man Trial: Jury finds Anissa Weier mentally ill, won't face prison
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.
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