Pertamina Go Global, Pertamina Shows Positive Performance From Oil Fields, Product Exports to Lubricant Businesses

Jakarta, August 17, 2021 – On the 76th independence of the Republic of Indonesia, as a world-class energy state-owned enterprise (SOE), Pertamina continues to grow its business to various foreign countries and encourage its subsidiaries to be competitive internationally. It following the Minister of SOEs, Erick Tohir's, SOE transformation, which aims to promote more state-owned enterprises to become global preferences.

In addition to acknowledging operations abroad, Pertamina has also managed to become the only company from Indonesia to be included in the 2021 Fortune Global 500 list at position 287. According to Erick, this recognition is evidence of ongoing improvements to the company's organization.

"I am optimistic that Pertamina's performance will be even better. Pertamina is competing with competitors at the world level. Because Pertamina has all the requirements, both quality and capability to support it as one of the world's big companies," said Erick in a press release 3/8/2021

From the business side, Pertamina's role in the global arena is carried out in several activities, namely upstream oil and gas, export and product sales, to shipping cooperation.

Through PT Pertamina Internasional EP (PIEP), Pertamina moves to innovate in acquiring and managing overseas oil and gas fields. PIEP will also look for oil and gas sources in various countries. The goal is to fulfill domestic oil and gas needs and support national energy security.

Pertamina currently has overseas oil and gas field assets spread across 13 countries, namely Algeria, Malaysia, Iraq, Canada, France, Italy, Namibia, Tanzania, Gabon, Nigeria, Colombia, Angola, and Venezuela.

Until 2021, PIEP has contributed as much as 49.9 million barrels of oil or a value of around USD 2.8 billion. It was delivered to Indonesia to supply domestic refineries and contribute to Indonesia's balance of payments (Current Account Deficit).

"In total, 76% of the oil produced from abroad is sought to be sent to domestic refineries to support national energy security. The largest contribution of oil comes from three assets in Algeria, Malaysia, and Iraq," said Fajriyah Usman, Acting SVP Corporate Communication and Investor Relations of Pertamina.

At the same time, through Pertamina International Marketing & Distribution Pte. Ltd. (PIMD), Pertamina continues to expand exports of its products to the global market. Avtur, MFO, DCO, HVR-1, LCO, and paraxylene are Pertamina's products recognized by the international market.

During January – June 2021, Pertamina's product sales volume in the export market reached 3,999 MT with a value of USD 1.9 billion.

"PIMD's revenue is supported by the upward trend in product prices in line with the increase in oil prices and sales volume," added Fajriyah.

PT Pertamina Lubricant (PTPL) is also strengthening its position in the world market. Currently, Pertamina's lubricant exports have penetrated 14 countries. The largest markets are in Asia, Africa, and Australia.

Pertamina's business movement as a global player is also shown by Pertamina International Shipping (PIS). Eleven PIS ships have docked at international ports. Three of them managed to obtain a Certificate of Compliance from the United States of America Coast Guard. Amid the COVID-19 pandemic, Pertamina also managed to inaugurate the giant tankers VLCC Pertamina Pride and Pertamina Prime and collaborated with a subsidiary of the Petronas group, namely Petco Trading Labuan Company Limited (PTLCL).

With a Net Profit performance that reached 127% of the target this semester, PIS continues to provide the best service as an Integrated Marine Logistics Company trusted in the international market.

"Pertamina's business innovation in the world market and Pertamina's positive performance cannot be separated from the restructuring that has been going well so far. Therefore, all Subholdings and subsidiaries have succeeded in focusing on running their business and being more flexible in business development," concluded Fajriyah.**