Officials said on Friday that the cost of hosting the race has been reduced to S$135 million ($100 million or 84 million euros).
S. Iswaran, Minister of Singapore's Trade and Industry, said that the F1 Singapore Grand Prix has made significant revenue for the country's economy as well as motorsport's franchise.
"Singapore is a signature race", Carey added.
Speaking at the event, he said: "We haven't concluded a deal yet, but we're having positive discussions and it is certainly our goal to try and reach a deal that works for both of us".
This new deal has come about thanks to the return of the French Grand Prix, with Paul Ricard set to host the race when it rejoins the calendar in 2018.
The first track to ever stage a night race in the sport has just extended its contract until 2021 and all involved will be hoping it gives the fans some excitement a decade after it held its inaugural race.
Singapore has considerable appeal as a popular tourist destination, with about "40 to 50 percent of visitors (to the race) from overseas", said Lionel Yeo, the chief executive of Singapore's tourism board.
Ferrari's Sebastian Vettel arrives for practice at the Marina Bay Street Circuit in Singapore this week.
In a statement, Formula One said: "Since its debut in 2008, the first ever night Grand Prix is one of the highlights of the F1 calendar and one of the most attractive and spectacular races". Aside from being a street race, the Singapore GP is also known for holding a strong line-up of concerts as well as other entertainment shows.
During the innings break the Pakistan Cricket Board arranged a lap of honour for retired greats Shahid Afridi and Misbah-ul-Haq. Ben Cutting and Amla both fell in Ali's first over before former Australia captain George Bailey and Du Plessis also departed.
The United manager would only say he expects Pogba, the club's £89 million record signing, to be out for "a few matches". Pogba, 24, left Old Trafford on crutches - and scans have confirmed United's worst fears.
The AIADMK, in its general council meeting, passed a resolution, according to which jailed party general secretary V.K. The Madras High Court had on Thursday directed that no floor test be held in the state Assembly till September 20.
By the end of June this year, 204 people in the United Kingdom were in custody for terrorism-related offences in the country. Domestic terrorism refers to activity where there are no links to either Northern Ireland-related or worldwide terrorism.
President Donald Trump has toured areas of Florida devastated by Hurricane Irma and praised the federal and state recovery effort. While in Naples, Trump will spend around an hour meeting with those impacted by Hurricane Irma, according to the administration.
It's just a bad injustice. "Did I ever think we would be discussing equality in marriage?" She made a decision to file a suit. On the day the high court handed down its DOMA ruling , former President Barack Obama appeared at a press conference.
The children were murdered sometime after 9pm PT (5am BST) at the Timbers Apartments on Touchstone Place, according to KCRA . Hodges' grandmother, Irene Aiello, tells The Associated Press that relatives were unaware of any previous marital disputes.
Under the plan, the alliance will introduce a new family of EV motor and batteries from 2020, shared across the member companies. However, it did specify that it will launch four shared platforms with the aim of producing over 9 million vehicles on them.
In France, several incidents have been reported in recent times when the police and soldiers of the nation were targeted. The victim managed to wrestle him to the ground and he was arrested by armed police as he shouted ISIS slogans.
Also, the USA has been one of the major markets for Telugu films and thus, Mahesh Babu's film will definitely benefit from it. Baahubali 2 released in 1100 screens, but that included Tamil, Telugu and dubbed Hindi versions as well.
Paris to host 2024 Olympics, 100 years since its last Games
Paris Mayor Anne Hidalgo is promising "cost efficient and sustainable games" when the French capital hosts the Olympics in 2024. The United States has been trying to bring the Summer Games back to the country for the first time in more than two decades.
Expect crude oil to trade positive: Sushil Finance
Energy Information Administration lowered its oil production forecast for this year and the next by 1% and 0.7%, respectively. US gasoline stocks slumped by 8.4 million barrels, the largest weekly decline since the data was first recorded in 1990.