Indonesia to maintain current crude pricing formula for July: Purnomo
Monday, June 30 2003 - 04:12 AM WIB
Indonesia will very likely use the current crude pricing formula for July, Minister of Energy and Mineral Resources Purnomo Yusgiantoro said Monday.
?Probably, we will not change the current formula,? the minister told reporters.
Indonesia reviews the so-called Indonesian Crude Price formula every six months. It started using it in 1999.
The formula should have been reviewed in January of 2003, but it was postponed until the end of June on the ground that the formula had given a good price for the country?s oil exports.
The 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). (alex)