Even if Singapore decides against extending its current F1 race contract, the Asian city-state will host at least four more grands prix.

Last month it emerged that the government was yet to decide whether to extend its current race contract beyond 2012.

Senior minister of state S. Iswaran said the government wants to “make sure the economic benefits are justifiable going forward”.

But even though Singapore’s contract expires in 2012, Formula One Administration has a five-year option to extend the deal, according to Singapore news network Channel NewsAsia and the Straits Times broadsheet.

The reports said that even if the government decides against a new contract, it will have to serve notice and host the sport until at least 2014.

Trade and Industry minister Lim Hng Kiang said in parliament on Monday that the government’s decision about F1 “will be based on an assessment of the costs and benefits to the economy over the long term”.

He said the outcome of the review might not be known for a year.

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.