Indonesia maintains crude pricing formula until next March
Wednesday, October 8 2003 - 06:25 AM WIB
Indonesia will maintain the current crude oil pricing formula until next March, Oil and Gas Director General Iin Arifin Takhyan told Petromindo.com Wednesday.
"We will not change the current pricing formula within the coming six months," Iin said.
Indonesia reviews the Indonesian Crude Price (ICP) formula every six months. It started using it in 1999.
The formula uses average prices assessed by three sources: Platt's (40 percent), Rim Intelligence Company (40 percent) and Asian Petroleum Price Index (20 percent). (godang)