Through the Minister of SOEs Full Support, Pertamina's Performance Grows Significantly

Jakarta, February 6, 2023 - Pertamina's business transformation efforts during the three years of the Covid-19 pandemic have not been easy. However, the Minister of SOE's full support as a shareholder representing the government has led the Indonesian Oil and Gas Holding's performance to grow significantly.

With this support, Pertamina, as a holding company with six subsidiaries (sub-holdings), could encourage all business lines to be more focused to face challenges and seize business opportunities, as well as carry out clear authorities and responsibilities. Thus it has a positive impact on the company's operational and financial performance.

"Mr. Erick Thohir, as Minister of SOE, paid attention to Pertamina's organization and business restructuring process. Thus, Pertamina Group's performance is increasingly brilliant," said the President Director of PT Pertamina (Persero), Nicke Widyawati.

According to Nicke, Erick Tohir has encouraged Pertamina Group's operations to be more efficient. Both Holding and Subholding continue to take steps to save investment costs (Capital Expenditure) and operational costs (Operational Expenditure).

"Capex and Opex efficiency is done not only cutting costs but improving operating models, strengthening supply chains, and implementing digitization in all business processes, including controlling subsidized fuel to be more targeted through MyPertamina," Nicke said.

To meet national energy needs in the future, the challenge given by the Minister of SOE to realize the energy transition spurred the Pertamina Group to carry out a decarbonization program. As a result, until 2022, Pertamina has succeeded in reducing 29% of carbon emissions from its operational activities.

"This achievement has placed Pertamina's ESG performance in the second place globally in the Integrated Oil & Gas Company sector. With all these achievements, Pertamina is the only Indonesian company that is included in the Global Fortune 500 Companies," Nicke concluded.**