Govt extends current ICP formula
Monday, December 15 2008 - 03:19 AM WIB
Director General of Oil and Gas Evita legowo said on Monday that the government has decided to extend the use of current Indonesia Crude Price (ICP) formula for another six months until June 2009.
The current ICP formula uses the accounting based on price references provided by Singapore's Platts and Japan's RIM Intelligence Co.
The ICP formula is 50 percent based on Platts and 50 percent based on RIM.(godang)