Deal to lift Indonesian gas price to Fujian
Print Edition
THE Indonesian renegotiation team has agreed with buyers in Fujian Province on an increase in the price of liquefied natural gas from Tangguh field in Papua, an Indonesian minister said in Jakarta yesterday.
Indonesian Energy and Mines Minister Jero Wacik revealed that both sides agreed to raise the gas price from US$3.30 per mmbtu (million metric British thermal unit) to US$8 per mmbtu. The price would keep rising based on the Japan Crude Cocktail (JCC) or the average price for customs-cleared crude oil imports, which is used in the formula for determining gas price.
In the renegotiation, both sides agreed to revoke the cap of the JCC price which was set only at US$38 per barrel, said Wacik.
The formula for the LNG price before the renegotiation was 5.25 percent multiplied by the JCC price, so the gas price at that time was at US$3.30 per mmbtu, said Wacik. “Starting from July 1, we have agreed the price is (determined with the formula of) 0.065 multiplied by JCC, and then plus US$1.50 per mmbtu,” he said at the State Palace after a Cabinet meeting. “With the JCC price of US$100 per mmbtu in May, the gas price becomes US$8 per mmbtu. This is an extraordinary increase, it is four times higher.”
As the JCC price would keep rising, Wacik expected the gas price to be at US$10.30 per mmbtu next year and US$12 per mmbtu in 2017.
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