Minister issues decree on Banyu Urip crude price formula
Wednesday, November 29 2017 - 12:38 AM WIB
By Romel S. Gurky
Minister of Energy and Mineral Resources Ignasius Jonan had on November 21 issued Ministerial Decree No 4028 K/12/MEM/2017 on the price formula of Indonesia crude for the type of Banyu Urip crude.
According to the copy of the decree obtained by Petromindo.com on Tuesday, the price formula for the Banyu Urip crude is ICP Arujuna plus US$5.5 per barrel at delivery point in Floating Storage and Offloading (FSO) Gagak Rimang.
The price formula is evaluated by Indonesia Crude Price Team regularly at least once a year.
Editing by Reiner Simanjuntak