Price for Minas crude rises

Price for Minas crude rises

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: