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Pertamina’s rank in Fortune’s Global 500 jumps 64 spots



JAKARTA, Aug 11, 2022 – (ACN Newswire) – Indonesian state-owned coal and oil company PT Pertamina has succeeded in re-establishing itself and managed to get to the 2022 Fortune Global 500 list, thereby being the only real Indonesian company to be included on the list.


The building of PT Pertamina. (ANTARA/HO-PT Pertamina)


Pertamina is ranked 223rd on the list, climbing 64 places in comparison with the 287th position in 2021, in accordance with a release issued by the business on Wednesday.

In 2022, the Fortune Global 500 list places 30 world coal and oil companies in the Petroleum Refining category. Pertamina was ranked 21st, that is above Japanese petroleum company Idemitsu and Spanish multinational energy company Repsol.

State-Owned Enterprises (SOE) Minister Erick Thohir lauded Pertamina’s success in re-entering the Fortune Global 500 list, with a substantial improvement in ranking.

Thohir said that Pertamina’s ranking is testament to the truth that Indonesia’s SOEs can contend with global companies.

“I highly laud the directors, commissioners, and all Pertamina personnel, who’ve worked hard in increasing the business’s competitiveness in the international arena,” he stated in Jakarta on Monday (August 8).

Thohir remarked that Pertamina’s success demonstrates that SOEs aren’t only in a position to survive when confronted with a pandemic but may also improve performance by making various improvements.

Based on the minister, Pertamina’s achievements can’t be separated from the transformation and restructuring measures undertaken through the forming of holdings and subholdings of the business.

“Transformation through its holdings and subholdings makes Pertamina’s operations far better and efficient since it focuses more on the core business. That is consistent with our target that Pertamina must turn into a global energy champion company and also have a valuation of US$100 billion,” he remarked.

Thohir further expressed optimism that Pertamina’s achievements would inspire other SOEs to execute better.

He also expressed confidence that other Indonesian SOEs may take a cue from Pertamina by optimally implementing necessary transformation, core values, and improvement.

“The higher the performance of Indonesian SOEs, more significant would be the impact on the city, aside from until being recognized at the global level. Positive performance will surely give a large space for SOEs to contribute more in increasing national economic growth, maintaining market balance, in addition to populist economic programs,” Thohir remarked.

Good SOE minister’s remarks, Pertamina CEO Nicke Widyawati said the business’s efforts to improve competitiveness were unhindered by the pandemic, and also amid severe challenges, Pertamina’s financial performance soared sharply in 2021.

In accordance with Widyawati, Pertamina’s performance has helped it climb the rankings in the Fortune Global 500 list in 2022.

“Pertamina has succeeded in increasing the business’s revenue and net profit doubly when compared to previous year. That is a fantastic achievement amid global challenges and a pandemic which has not ended,” she affirmed.

She noted that Pertamina ranked fifth on the Fortune Global list for the Southeast Asian region. Moreover, in Asia, Pertamina was ranked 105th out from the 227 companies.

“Pertamina can be ranked 12th out from the 24 companies led by female CEOs and the only real company in the Petroleum Refining category led by way of a female CEO,” she described.

Aside from rendering it to the 2022 Fortune Global 500 list, in September 2021, Pertamina also received an Environmental, Social, and Governance (ESG) Risk Rating of 28.1 or was assessed to be at Medium risk.

This type of global assessment has placed Pertamina in the 15th rank out of 252 coal and oil companies all over the world, and at the 8th rank in the integrated coal and oil sub-industry.

“That is global acknowledgment of Pertamina’s commitment and efforts to lead energy transition and decarbonization to aid Indonesia’s target of net zero emissions in 2060 and also the achievement of the potential of renewable resources in Indonesia in the context of sustainable growth,” Widyawati explained.

In 2021, Pertamina successfully completed its business transformation by establishing six coal and oil subholdings: Upstream Subholding, Refining and Petrochemical Subholding, Commercial and Trading Subholding, Gas Subholding, Integrated Marine Logistics Subholding, and New and Renewable Energy Subholding.

Widyawati emphasized that transformation is really a strategic step to adjust to future business changes. Hence, the business should proceed in a far more agile and swifter manner in addition to concentrate on broader and aggressive business development.

“The transformation will continue steadily to encourage Pertamina to become world-class energy company. With the support of most stakeholders, Pertamina will match the aspirations of shareholders to understand the mark of ranking on the list of 100 world-leading companies,” she affirmed.

In 2021, Pertamina had clocked a revenue of US$57.51 billion, a rise when compared with its revenue of US$41.47 billion in 2020.

Pertamina’s net profit in 2021 had reached US$2.045 billion, that is almost doubly high because the 2020 net profit of US$1.05 billion.

Contact: Fajriyah Usman, VP Corporate Communications, PT Pertamina (Persero)

M: +62 858 8330 8686, Email: fajriyah.usman@pertamina.com, URL: https://www.pertamina.com

Compiled by: Yuni Arisandy Sinaga, Editor: Fardah Assegaf (c) ANTARA 2022

Topic:News release summary

Source: PT Pertamina


Sectors:Environment, ESG, Alternative Energy, ASEAN

http://www.acnnewswire.com

From the Asia Corporate News Network

Copyright 2022 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.


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