Govt extends crude oil pricing formula
Tuesday, January 7 2003 - 04:44 AM WIB
Minister of Energy and Minerals Resources Purnomo Yusgiantoro said on Tuesday he had extended the country's crude oil pricing formula for another six months until the end of June.
"We are happy with the current crude price formula. I have extended it for another six months," Purnomo was quoted as saying by Reuters.
The Indonesia Crude Price (ICP) formula uses average prices assessed by three sources: Platt's (40 percent), Japan's Rim (40 percent) and the Asian Petroleum Price Index (20 percent). (*)