Indonesia - Exports, Marketing & Pricing.Most of Indonesia's oil and condensate condensate, matter in the form of a gas of atoms, molecules, or elementary particles that have been so chilled that their motion is virtually halted and as a consequence they lose their separate identities and merge into a single entity. exports go to Japan and other Far Eastern markets, with sales to the US West Coast having declined from 62,000 b/d in 1995 to a negligible volume. Crude oils and condensates are marketed by both Pertamina and its production sharing (PSC (Public Service Commission) Same as PUC. ) partners like Caltex, Total/Inpex, Maxus, Unocal, Arco, Conoco and Mobil. They have faced problems in pricing the crude oils and condensates. As a result, the marketing of these grades has been difficult due to a big fall in prices since late 1997. An international oil trading division was created at Pertamina in July 1998. But the division still lacks marketing experts and may not be able to operate fully this year. Pertamina issues the official Indonesian Crude Price (ICP (1) (Internet Cache Protocol) A protocol used by one proxy server to query another for a cached Web page without having to go to the Internet to retrieve it. See CARP and proxy server. ) on monthly basis and, generally, in agreement with both its PSC partners. The ICP is issued retroactively ret·ro·ac·tive adj. Influencing or applying to a period prior to enactment: a retroactive pay increase. [French rétroactif, from Latin at the end of the month. The latest formula, applied since April 1, 1996, sets the ICP against both the spot price assessments of Platt's and RIM reporting services, and the Asian Petroleum Price Index (APPI APPI American Psychiatric Publishing, Inc. APPI American Psychiatric Publishing Inc. APPI American Psychiatric Press, Inc. APPI Atmospheric Pressure Photoionization APPI Advanced Peer-to-Peer Internetworking APPI Advanced Plant Pharmaceuticals Inc. ). The APPI, in which Malaysia's Tapis light/sweet crude plays a major role, is the largest component of the monthly ICP. Asia's light/sweet crude streams total about 900,000 b/d. They are over- whelmingly priced against the APPI Tapis. The APPI Tapis has been set once a week by a panel of industry participants, including Caltex which produces Indonesia's main export crudes Minas Minas may refer to:
After repeated complaints by traders and term clients, the APPI panel on April 1, 1997, introduced twice-weekly assessments to make them more responsive to changes in the spot market. But traders and many of the Asian producers were not satisfied. In mid-1998, Pertamina was compelled to set the ICP at a certain discount in order to regain market shares lost in previous months. Traders are still not satisfied with the formula and perfer that prices are set against Brent. The 360,000 b/d Tapis crude stream is thinly traded Thinly traded Infrequently traded. . Tapis is the marker for Asian trades. Because of a slow response by the APPI panel, spot market premia over this index have been eliminated. |
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