Pertamina Aims to Break Top 100 of Fortune Global 500

PT Pertamina aims to break the top 100 global companies in the Fortune Global 500 by 2024. It means that that the total value of the state-owned oil and gas holding has to reach US$100 billion. "Pertamina's shareholders want the company, currently ranked 175th, to maintain its ranking, and, if possible, breaks the top 100 in 2024," Pertamina's VP of Corporate Communication & Investor Relations, Agus Suprijanto, revealed on Thursday (10/22).

As a result, Agus said, Pertamina had started to map and refocus the business, including organizational development for all business lines. "It can boost the valuation to reach US$100 billion and will make Pertamina's business stronger. The engine is a good organization through restructuring, including the creation of sub-holdings," he explained. He was sure that such a condition would provide many benefits, such as providing energy security for Indonesia, leading the new energy transition, realizing the one village, one region, and one fuel oil price (BBM) program.

Besides, being in the top global 100 position will allow Pertamina to answer various challenges it is currently facing, such as the fluctuating global oil prices and rupiah exchange rate, the economic decline due to the COVID-19 pandemic, the development of new energy technologies like electric batteries, the implementation of the government's energy security program, and strategies to improve financial performance and overcome limited funding. "Consequently, we compiled a portfolio development master plan through sub-holdings. As a result, we have the flexibility in end-to-end business operations and existing business development," he explained.