Indonesia to set up coal and gas price indexes

The government is formulating price indexes for two most important commodity of the country, gas and coal, which are expected to come into effect next year, Minister of Energy and Mineral Resources Purnomo Yusgiantoro said on Monday.

Purnomo said during a coal conference in Bali the price indexes would be similar to the existing one for crude, that is Indonesian Crude Price (ICP), and is aimed at calculating state revenue from both commodities.

He did not provide details about the indexes but Director General of Mineral, Coal and Geothermal Resources Bambang Setiawan told reporters that the coal index would be a mix of Barlow Jonker, Global Coal, ICI and Platts prices. (Alex)