Petroliam Nasional Bhd., Malaysia’s state oil company, raised the premiums for some grades of crude exports starting from September in a revision of its pricing formula, according to two traders with knowledge of the changes. Petronas, as the Kuala Lumpur-based company is known, will sell its Labuan and Kikeh varieties at a premium of $1.30 a barrel to the monthly official selling price it sets for Tapis grade, said the traders, who asked not to be identified because the information is confidential. Labuan was previously priced at parity and Kikeh didn’t have a monthly fixed price. Nobody answered a call to Petronas’ press office seeking comment. Miri crude will cost $1 a barrel more than Tapis, up from parity to the benchmark grade, while Dulang will be set 40 cents higher. It was previously priced at a 30-cent discount. Petronas will continue to set a monthly adjustment factor for Tapis, a company official said today, asking not to be identified because of internal rules. This so-called alpha is used to derive the official price of the low-sulfur crude. The following table shows the formulas for calculating official selling prices of Malaysia’s crude exports, in dollars a barrel. The new formulas will apply to cargoes loading from September: ------------------------------------------------------------ Grade New Formula Old Formula Tapis (no change) Announced OSP Kikeh Tapis +$1.30 (no OSP) Labuan Tapis +$1.30 Parity to Tapis Miri Tapis +$1.00 Parity to Tapis Dulang Tapis +$0.40 Tapis -$0.30 Bintulu (no change) Tapis -$0.30 ------------------------------------------------------------ To contact the reporter on this story: Yee Kai Pin in Singapore at kyee13@bloomberg.net To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

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