APSN Banner

Pertamina attributes growth to SOE minister

Jakarta Globe - February 8, 2023

Jakarta – State-run oil company Pertamina recently attributed its significant growth to State-Owned Enterprise Minister Erick Thohir.

According to Pertamina president director Nicke Widyawati, the minister's support has enabled the company to tackle challenges and seize business opportunities, while also upholding responsibility. Nicke said that all this has had a positive impact on the company's operational and financial performance.

"SOE Minister Erick Thohir has paid great attention to the restructuring process of restructuring Pertamina's organization and business and this has helped Pertamina Group book a stellar performance," Nicke said in a statement.

Pertamina houses six sub holdings. The group's entire operations have become more efficient, according to Nicke. Both the holding and sub holdings continue to minimize capital expenditure (capex) and operational expenditure (opex).

"We continue to do capex and opex efficiency, not just by slashing costs, but also improving our operational model, and supply chain, while also implementing digitalization across our business processes. This includes managing the subsidized fuel to be better targeted through MyPertamina," Nicke said.

Pertamina is also currently attempting to decarbonize in response to the minister's call for an energy transition. Pertamina reported that it had reduced 29 percent of its operations last year.

"This achievement has placed Pertamina's ESG [environment, social, and government] performance in second place in the integrated oil and gas company worldwide. All these achievements also bring Pertamina to become the only Indonesian company to enter the Global Fortune 500 Companies list," Nicke said.

Source: https://jakartaglobe.id/special-updates/pertamina-attributes-growth-to-soe-ministe