Feb.12 (GMM/Inautonews.com) Talks to renew Malaysia’s F1 contract are still ongoing.

Last month, Sepang circuit boss Razlan Razali travelled to London to discuss the expiring deal with F1 supremo Bernie Ecclestone.

“I am very confident this year’s F1 (race) won’t be the last,” he said.

Three weeks on, a deal for 2016 and beyond still has not been struck.

Indeed, Sepang chairman Mokhzani Mahathir said on Wednesday that the talks with Ecclestone are still taking place.

“The talks are centred on an agreeable price for organising the prestigious race for the next three years,” he is quoted by the Bernama news agency.

“We also have to take into consideration the current economic volatility. For now we have not made any decision yet.”

The report said the outcome of the talks will be known by March 29, when Sepang hosts the second round of the 2015 world championship.

Meanwhile, organisers of the former Korean grand prix have received a bill for cancelling its grand prix, with the news agency AFP claiming the penalty might be double the $43 million annual race sanctioning fee.

“We plan to visit London for talks with the FOM,” a Korean official said.