Price for Minas crude rises

Thu, 02 Mar 2000 | Source: DJ

TOKYO(Dow Jones): Indonesia's crude pricing index for February Minas crude is unofficially US$26.24 a barrel, up $1.67 from the January Minas index, a Tokyo-based industry source with ties to Pertamina said Wednesday.

The Indonesian Crude Price, or ICP, for its other crude grades are unofficially up $1.55-$1.73, with the February Duri ICP at $24.90/bbl.

Indonesia's state-owned oil company Pertamina has yet to approve the industry calculations as official Indonesian crude price figures. The company usually adopts the prices indicated by its own formula several weeks after the unofficial prices are calculated.

Pertamina sets the prices of its crudes each month retroactively based on a crude pricing formula of 40 percent of the monthly average of the RIM price for the crude, 40 percent of the average of Platt's price assessments and 20 percent on the average of the Asian Petroleum Price Index.

The prices for the other Indonesia crudes a barrel in February are as follows:

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