Pertamina's rank in Fortune's Global 500 jumps 64 spots
JAKARTA, Aug 11, 2022 - (ACN 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.
| The building of PT Pertamina. (ANTARA/HO-PT Pertamina) |
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
Source: PT Pertamina Sectors: Environment, ESG, Alternative Energy, ASEAN
Copyright ©2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
Latest Release
Mazda Production and Sales Results for March 2024 and for April 2023 through March 2024 Apr 25, 2024 18:21 JST
| MHI Begins Operation of SOEC Test Module the Next-Generation High-Efficiency Hydrogen Production Technology at Takasago Hydrogen Park Apr 25, 2024 17:45 JST
| GAC Honda to Begin Sales of All-new e:NP2, the Second Model of e:N Series Apr 25, 2024 16:50 JST
| Toyota Exhibiting at Beijing Motor Show 2024 Apr 25, 2024 16:25 JST
| Honda Reaches Basic Agreement with Asahi Kasei on Collaboration for Production of Battery Separators for Automotive Batteries in Canada Apr 25, 2024 11:10 JST
| UNIQLO Sponsors KAWS + Warhol Exhibition Tour, Starting in Pittsburgh Apr 25, 2024 09:00 JST
| Mitsubishi Power Begins Commercial Operation of Seventh M701JAC Gas Turbine in Thailand GTCC Project; Achieves 75,000 AOH To-Date Apr 24, 2024 17:19 JST
| MC and Denka Sign J/V Agreement in Fullerene Business Apr 24, 2024 17:02 JST
| Mitsubishi Motors Posts Record Sales in the Philippines in FY2023 Apr 24, 2024 13:56 JST
| NEC Develops High-speed Generative AI Large Language Models (LLM) with World-class Performance Apr 24, 2024 13:25 JST
| Fujitsu SX Survey reveals key success factors for sustainability Apr 23, 2024 10:25 JST
| Fujitsu and METRON collaborate to drive ESG success: slashing energy costs, boosting productivity with new manufacturing industry solutions Apr 22, 2024 16:09 JST
| NEC Strengthens Commitment to Space Industry with Investment in Seraphim Space Venture Fund II Apr 22, 2024 15:09 JST
| Soft Space Launches the First and Only JCB Payment Gateway in Malaysia Apr 22, 2024 15:00 JST
| TOYOTA GAZOO Racing takes a one-two in Croatian thriller Apr 22, 2024 10:47 JST
| First-ever Mazda CX-80 Crossover SUV Unveiled in Europe Apr 19, 2024 13:50 JST
| Fujitsu develops technology to convert corporate digital identity credentials, enabling participation of non-European companies in European data spaces Apr 19, 2024 10:17 JST
| Mitsubishi Heavy Industries and NGK to Jointly Develop Hydrogen Purification System from Ammonia Cracking Gas Apr 18, 2024 17:01 JST
| Toyota Launches All-New Land Cruiser "250" Series in Japan Apr 18, 2024 13:39 JST
| Fujitsu and Oracle collaborate to deliver sovereign cloud and AI capabilities in Japan Apr 18, 2024 11:14 JST
|
More Latest Release >>
|