F1 contract extension will be known by March 29 - Mokhzani

An extension of Malaysia's Formula 1 (F1) contract will be known at the latest by March 29, said Sepang International Circuit (SIC) chairman, Tan Sri Mokhzani Tun Dr Mahathir.

Mokhzani said he was optimistic the contract would be extended even though SIC was still in talks with Formula One Management on the matter.

"The talks are centred on an agreable price for organising the prestigious race for the next three years. "We also have to take into consideration the current economic volatility... for now we have not made any decision yet (on extending the contract). We have to ensure the negotiations proceed smoothly," he told reporters after attending the launching ceremony for this year's Malaysia's F1 race, here on Wednesday.

The Malaysian F1 will be held from March 27-29 at the SIC near here. The ceremony saw the unveiling of the winners' trophies which were specially made by Royal Selangor Pewter.

Also present were Kuala Lumpur Mayor Datuk Seri Ahmad Phesal Talib, SIC chief executive officer Datuk Razlan Razali and Petronas Group Strategic Communications senior general manager, Liz Kamaruddin.

Mokhzani said organising the F1 had economic spinoffs as it was not centred on the circuit alone but benefited tourism spots nearby.