Indonesian Crude Price
Encyclopedia
Indonesian Crude Price, or ICP, is a price index for crude oil
from Indonesia
.
The ICP is determined by Pertamina
, based on moving average spot price of a basket of five internationally traded crudes:
In some cases ICP is used as index in long term LNG contracts in East Asia.
Petroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
from Indonesia
Indonesia
Indonesia , officially the Republic of Indonesia , is a country in Southeast Asia and Oceania. Indonesia is an archipelago comprising approximately 13,000 islands. It has 33 provinces with over 238 million people, and is the world's fourth most populous country. Indonesia is a republic, with an...
.
The ICP is determined by Pertamina
Pertamina
Pertamina is an Indonesian government-owned corporation which extracts and refines the country's oil and gas reserves. It was created in August 1968 by the merger of Pertamin and Permina...
, based on moving average spot price of a basket of five internationally traded crudes:
- Minas (Indonesia)
- Tapis (Malaysia)
- Gippsland (Australia)
- Dubai (UAE)
- Oman
In some cases ICP is used as index in long term LNG contracts in East Asia.