NO. 26


Indonesian Crude Moving to Japan at $1.56/B below Official Prices

Despite affirmations by Indonesia's Pertamina to the effect that it hasrenewed term contracts with Japanese buyers effective 1 April on the basis ofthe full official price ($17.56/B for Minas), it seems that Indonesian crude isstill reaching Japan at discounted prices.

According to Tokyo sources, the two main Japanese conduits for sales ofIndonesian crude in Japan - Japan-Indonesia Oil (JIO) and Far...