Wacik sets crude price formula for January-June period
Friday, January 4 2013 - 08:28 AM WIB
Energy and Mineral Resources Minister Jero Wacik has set Indonesia?s crude oil price formula for the January-June period, which formula entails calculation composing 50 percent RIM and 50 percent Platts figures.
The price formula was set under the Ministerial Regulation No.3498 K/12/MEM/2012 on Indonesia?s Crude Oil Price Formula signed on December 28, 2012, according to a statement from the Ministry.
The same formula was used in the previous six-month period.
For the purposes of benchmarking there are two types of Indonesia?s crude oil, namely the crude benchmark type which consists of SLC, Arjuna, Attaka, Cipta, Duri, Widuri, Belida and Senipah Condensate.
The other type is comprised of Anoa, Arun Condensate, Badak, Bekapai, Belanak, Bentayan, Bontang Return Condensate, Bula, Bunyu, Camar, Cepu, Geragai, Geragai Condensate, Handil Mix, Jambi, Jatibarang, Jene/Serdang, Kaji, Kerapu, Klamono, Komp PLB, Lalang, Langsa, Lirik, Madura, Mengoepeh, Meslu, Mudimix, NSC/Katapa/Arbei, Pagerungan Condensate, Pam.Juata/Sanga2 Mix, Pangkah, Ramba/Temping, Rimau/Tabuhan, Sangatta, Selat Panjang, Sepinggan Yakin Mix, South Jambi Condensate, Tanjung, Tap, Tiaka, Udang, Walio Mix and West Seno.
Editing by Dadan Wijaksana