Singapore telecommunications company SingTel has renewed its naming sponsorship of the Singapore grand prix for 2009.

The island city-state's current contract with formula one is for five races beginning with last year's floodlit event, but SingTel had inked only a single-race deal.

The local Straits Times newspaper estimates the cost of the deal at (US) $10 million.

SingTel chief executive Allen Lew said the decision to stay with the event was "relatively simple".

"Sponsorships are like capital investments -- you don't get returns on year one. You have to persist with it for a period of time," he added.