Sep.26 (GMM) The Singaporean government is yet to decide whether to extend its formula one race contract beyond 2012.

Earlier this weekend, F1 chief executive Bernie Ecclestone said he would be happy if the sport continued to return to the Asian city-state for another 20 years.

Singapore, which became F1's first night race in 2008 with a five-year deal, has become a highlight of the annual calendar.

But senior minister of state S. Iswaran said on Sunday the government would need to weigh up the costs and benefits before making a decision about the future of the event.

"We want to make sure the economic benefits are justifiable going forward," he told reporters at the Marina Bay circuit on Sunday night.

"I would say the decision to proceed will rest on a robust cost-benefit analysis, and clearly the terms on any deal we get going forward," Iswaran added.

Local reports said the current deal includes a two-year option.

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