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.

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