Minister issues decree on price formula for Ketapang crude
Wednesday, March 15 2017 - 01:50 AM WIB
By Romel S. Gurky
Minister of Energy and Mineral Resources Ignasius Jonan has issued Ministerial Decree No 1066 K/12/MEM/2017 on price formula for the Ketapang crude.
According to a copy of the decree obtained by Petromindo.com on Wednesday, the price for Ketapang crude is set based on a formula of Arjuna ICP plus US$1.84 per barrel.
According to the decree, state-owned oil and gas firm PT Pertamina does not get refinery constraint fee considering the price evaluation is based on willingness to pay by the market.
The Ketapang crude price formula is evaluated by the Indonesia Crude Price Team at least once a year.
Editing by Reiner Simanjuntak