Minister of SOE: Targeting Business Growth, Pertamina Must Dare to Compete with Global Energy Companies

Jakarta, June 21, 2023 - Minister of State-Owned Enterprises (SOE), Erick Thohir, appreciates Pertamina's achievements in 2022 through strong business transformation and synergy implementation, enabling Pertamina Group to achieve its best performance in history. Moving forward, alongside financial performance improvement, Pertamina needs to strengthen the company’s efficiency and operations standardization to fortify its business.

This appreciation is one of the directives given by Minister Erick Thohir during the Pertamina AKHLAK Festival opening in Jakarta on Wednesday, June 21, 2023.

Erick stated that the current impressive performance should not make Pertamina complacent. "Do not be complacent; Pertamina must dare to benchmark against other global energy companies," said Erick Thohir.

According to Erick, the already good revenue and profit should be accompanied by company standardization equivalent to global corporations. One of the ways is through the AKHLAK Value (Amanah, Competent, Harmonious, Loyal, Adaptive, and Collaborative) implementation, as a character that strengthens Pertamina's workforce's sustainable performance.

Erick further said that this year, Pertamina and other state-owned enterprises had contributed IDR 80.2 trillion in dividends to the Indonesian people through consolidation. These dividends were generated from IDR 303.7 trillion profit, making it the largest contribution in history.

"The challenges ahead require us to have the same targets so that our contribution to the country can increase. Furthermore, these dividends can be utilized by the Government in various pro-people programs such as social assistance, free education, and others," said Erick.

In line with that, the President Director of Pertamina, Nicke Widyawati, stated they would seize the current momentum to work more aggressively. "We are confident that Pertamina is already on the right track. We will continue with even faster and more widespread progress across all Pertamina employees throughout Indonesia," explained Nicke.

The Pertamina AKHLAK Festival 2023 is an effort to enhance internal commitment to the work Value within the Pertamina Group, while commemorating the three-year journey of organizational transformation since 2020.

The event was attended by Minister of State-Owned Enterprises Erick Thohir, along with President Commissioner Basuki Tjahaja Purnama and the board of commissioners, President Director of Pertamina Nicke Widyawati, and the board of directors of Pertamina Holding and Subholding. The event was also attended by 3,000 Pertamina employees at the Tennis Indoor Senayan on Wednesday, June 21, 2023.

Fadjar Djoko Santoso, Vice President of Corporate Communication of PT Pertamina (Persero), explained that the event is expected to serve as a unifying force for all Pertamina officers (Perwira) following the Holding and Subholding establishment.

"With AKHLAK, we can fulfill the shareholders' aspirations to become a leading global energy company with a market value of 100 billion US dollars," stated Fadjar.

Pertamina, as a leading company in the energy transition, is committed to supporting the Net Zero Emission 2060 target by continuously promoting programs that directly impact the Sustainable Development Goals (SDGs) achievement. All these efforts align with Environmental, Social & Governance (ESG) implementation across all Pertamina's business lines and operations.**