Malaysia set for new F1 race contract

Jan.20 (GMM) Malaysia looks set to announce a new multi-year contract to keep hosting the annual grand prix at Sepang.

It emerged recently that circuit boss Razlan Razali travelled to London where he met F1 supremo Bernie Ecclestone, ostensibly for contract talks.

That is because the current race deal expires after the 2015 edition in late March.

Malaysia began hosting the grand prix at the Hermann Tilke-designed Sepang circuit near Kuala Lumpur in 1999.

Razali told the Bernama news agency on Tuesday that the Malaysian economy is suffering due to world oil prices, but that F1 is important due to tourism.

"F1 makes Malaysia an attractive destination in terms of value," he said.

"Tourists from Europe, America and Australia can spend better in Malaysia.

"The continuation of F1 is still good for tourism," Razali added. "I am very confident this year's F1 (race in Malaysia) won't be the last."