Climbing 64 Ranks, Pertamina is the Only Indonesian Company in Fortune Global 500
Jakarta, August 9, 2022 – PT Pertamina (Persero) has once again established itself as the only Indonesian company and the only SOE in the Fortune Global 500 2022 list. Pertamina is ranked #223, climbing 64 places from #287 in 2021.
In the Fortune Global 500 2022, 30 world oil and gas companies are placed in the Petroleum Refining category. Pertamina is at number 21 above Idemitsu & Repsol.
Minister of SOE, Erick Thohir, expressed his appreciation for Pertamina's success in re-entering the Fortune Global 500 with a significant increase in ranking. Erick assessed that Pertamina's rating increase affirms that SOEs can compete with global companies.
"I highly appreciate the directors, commissioners, and all Pertamina personnel who work hard in increasing the company's international competitiveness," said Erick in Jakarta on Monday (8/8/2022).
Erick said Pertamina showed that SOEs could survive the pandemic and improve performance with various innovations. Erick said that Pertamina's achievements cannot be separated from the transformation and restructuring through the holdings and sub-holdings formation.
"Transformation through holding and sub-holding makes Pertamina's operations more effective and efficient because it focuses on core business. Aligned with our target, Pertamina must become a Global Energy Champion company and have a 100 billion USD valuation," Erick said.
Erick hopes Pertamina's achievements can inspire other SOEs to speak more on the world stage. Erick believes that other SOEs can follow Pertamina's footsteps as long as they optimally implement the transformation, core values and morals.
"SOEs with better performance and recognized by the world will significantly impact the community. The positive performance will provide a large space for SOEs to contribute more in increasing economic growth, maintaining market balance, and populist economic programs," Erick said.
President Director of PT Pertamina (Persero), Nicke Widyawati, said the pandemic did not disturb Pertamina's efforts to increase competitiveness. Amidst the company's challenges, the company's financial performance increased sharply in 2021. Thus, leading Pertamina to increase its rank in the Fortune Global 500 2022 list.
“Pertamina has increased the company’s revenue and net profit twice compared to the previous year. An extraordinary achievement amidst the global challenges and a pandemic that is not over yet,” Nicke said.
Nicke added that Pertamina’s position in the Southeast Asia region’s Fortune Global was ranked 5th, and in Asia, Pertamina was ranked 105th out of 227 companies.
"Pertamina is also ranked 12th out of 24 companies led by Female CEOs and the only one in the Petroleum Refining category led by Female CEOs," she added.
Pertamina recorded USD 57.51 billion in 2021 revenue, increasing from last year's USD 41.47 billion. Pertamina's USD 2.045 billion or Rp. 29.3 trillion net profit, almost doubled compared to 2020 with USD 1.05 billion or Rp. 15.3 trillion net profit.
Not only placed on the Fortune 500 global ranking. In September 2021, Pertamina also received an ESG Risk Rating of 28.1 or at Medium Risk. This global assessment has placed Pertamina in the 15th rank of 252 world companies in the Oil & Gas industry and the 8th position in the integrated Oil & Gas sub-industry.
"This is a global acknowledgment for Pertamina's commitment and efforts to lead the energy transition, decarbonization to support Indonesia's net zero emissions in 2060, and the renewable resources potential achievement in Indonesia for sustainable growth," she said.
In 2021, Pertamina completed the transformation by forming an Oil and Gas Holding with 6 Subholdings, namely Subholding Upstream, Subholding Refining and Petrochemical, Subholding Commercial and Trading, Subholding Gas, Subholding Integrated Marine Logistics, and Subholding New and Renewable Energy.
Transformation is a strategic step to adapt to future business changes, move more agile and faster, and focus on broader and aggressive business development.
“The transformation will push Pertamina to become a world-class energy company. With the support of all stakeholders, Pertamina will realize its aspirations to be the world's 100 leading companies," Nicke said.**