The Azerbaijan Grand Prix will remain on the Formula 1 calendar until 2023 at the earliest after a fresh contract extension was announced by the race promoters on Tuesday.

F1 first visited Azerbaijan in 2016, with a temporary street circuit in the capital of Baku being constructed for the grand prix that has offered a number of memorable moments in the past three years.

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Race promoters in Baku had the opportunity to trigger a break clause in the 10-year contract with F1 after the 2020 race, and was known to be seeking improved terms with the sport's commercial rights holder, Liberty Media, in order to continue hosting the grand prix.

An announcement was made in Baku on Tuesday morning confirming Azerbaijan would continue to host F1 for an additional three years after 2020, securing the race on the calendar until 2023.

“This is a truly proud day for all of us," said Azad Rahimov, Minister of Youth and Sports for Azerbaijan.

"The last few years have been a dream come true for the people of Baku as we have seen our race weekend grow from a simple idea into one of the most dramatic and exciting race weekends in F1’s history. Already, we have played host to some of the sport’s most iconic moments.

Furthermore, every year we have seen more and more fans from all over the world attend the race and have been overwhelmed at how well our event has been embraced by the global Formula 1 community. I would also like to extend my special gratitude to Mr. Carey and everyone at Formula 1 for proving themselves to be such great friends to our race.

"This new agreement will allow our race to maximise its commercial revenues through increased fan-engagement activities and a brand-new sponsorship approach to engage our local and regional businesses with Formula 1’s global platform. With these exciting opportunities in mind, extending our contract was never in question and we are delighted to stay in this wonderful sport for another five years at least.”

F1 CEO Chase Carey added: "We are very pleased to have renewed this agreement which will see the Azerbaijan Grand Prix feature on the Formula 1 World Championship calendar for many years to come. In just a short space of time, this race has become one of the most popular of the season, always producing closely fought and spectacular racing.

"The Republic of Azerbaijan provides a really excellent welcome to everyone in Formula 1 and the beautiful city of Baku is an amazing backdrop for the greatest motor racing show in the world. All fans of our sport should make a note in the diary for the 28th April, the date of the Formula 1 Azerbaijan Grand Prix 2019."