Pertamina's rank in Fortune's Global 500 jumps 64 spots
August 11 2022 - 6:00AM
JCN Newswire
Indonesian state-owned oil and gas company PT Pertamina has
succeeded in re-establishing itself and made it to the 2022 Fortune
Global 500 list, thereby being the only Indonesian company to be
included on the list.
Pertamina is ranked 223rd on the list, climbing 64 places as
compared to the 287th position in 2021, according to a release
issued by the company on Wednesday.
In 2022, the Fortune Global 500 list places 30 world oil and gas
companies in the Petroleum Refining category. Pertamina was ranked
21st, which 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 significant improvement in ranking.
Thohir said that Pertamina's ranking is testament to the fact that
Indonesia's SOEs can compete with global companies.
"I highly laud the directors, commissioners, and all Pertamina
personnel, who have worked hard in increasing the company's
competitiveness in the international arena," he stated in Jakarta
on Monday (August 8).
Thohir pointed out that Pertamina's success demonstrates that SOEs
are not only able to survive in the face of a pandemic but can also
improve performance by making various improvements.
According to the minister, Pertamina's achievements cannot be
separated from the transformation and restructuring measures
undertaken through the formation of holdings and subholdings of the
company.
"Transformation through its holdings and subholdings makes
Pertamina's operations more effective and efficient because it
focuses more on the core business. This is in line with our target
that Pertamina must become a global energy champion company and
have a valuation of US$100 billion," he remarked.
Thohir further expressed optimism that Pertamina's achievements
would inspire other SOEs to perform better.
He also expressed confidence that other Indonesian SOEs can take a
cue from Pertamina by optimally implementing necessary
transformation, core values, and improvement.
"The better the performance of Indonesian SOEs, more significant
will be the impact on the community, let alone until being
recognized at the global level. Positive performance will certainly
provide a large space for SOEs to contribute more in increasing
national economic growth, maintaining market balance, as well as
populist economic programs," Thohir remarked.
In line with the SOE minister's remarks, Pertamina CEO Nicke
Widyawati said the company's efforts to boost competitiveness were
unhindered by the pandemic, and even in the midst of severe
challenges, Pertamina's financial performance soared sharply in
2021.
According to Widyawati, Pertamina's performance has helped it climb
the rankings in the Fortune Global 500 list in 2022.
"Pertamina has succeeded in increasing the company's revenue and
net profit twice as compared to the previous year. This is an
extraordinary achievement in the midst of global challenges and a
pandemic that 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 of the 227 companies.
"Pertamina is also ranked 12th out of the 24 companies led by
female CEOs and the only company in the Petroleum Refining category
led by a female CEO," she pointed out.
Apart from making 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.
Such a global assessment has placed Pertamina in the 15th rank out
of 252 oil and gas companies around the world, and at the 8th rank
in the integrated oil and gas sub-industry.
"This is global acknowledgment of Pertamina's commitment and
efforts to lead energy transition and decarbonization to support
Indonesia's target of net zero emissions in 2060 as well as 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 oil and gas 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 a strategic step to
adapt to future business changes. Hence, the company should move
ahead in a more agile and swifter manner as well as focus on
broader and aggressive business development.
"The transformation will continue to encourage Pertamina to become
a world-class energy company. With the support of all stakeholders,
Pertamina will fulfill the aspirations of shareholders to realize
the target of ranking among the 100 world-leading companies," she
affirmed.
In 2021, Pertamina had clocked a revenue of US$57.51 billion, an
increase as compared to its revenue of US$41.47 billion in
2020.
Pertamina's net profit in 2021 had reached US$2.045 billion, which
is almost twice as high as 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
Written by: Yuni Arisandy Sinaga, Editor: Fardah Assegaf (c) ANTARA
2022
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