Pertamina maintains it should remain in Fortune 500 list
Monday, August 17 2020 - 05:17 PM WIB
State-owned oil and gas firm PT Pertamina said it has sent a letter to Fortune Global to officially question why the company has been removed from the 2020 Fortune Global 500 list.
Pertamina said in a statement on Monday that based on its 2019 revenue of US$54.58 billion and net profit of $2.5 billion it should have been ranked in the 198th position in the 2020 Fortune Global 500 list, equal to Nippon Steel Corp, which booked a revenue of $54.45 billion and a net loss of $3.97 billion.
Read also : Pertamina records net profit of $2.53b in 2019
Pertamina VP President for Corporate Communication Fajriyah Usman said in the statement that the company was seeking to obtain information regarding the ranking process in determining the Fortune Global 500 list. "We (Pertamina) should have not been removed from the list, in fact (Pertamina) is equal to the 198th rank, Nippon," she said, adding that Pertamina should have also outranked other top oil producers such as Repsol and ConocoPhilips which are respectively in the 245th dan 348th in this year's Global 500 list.
Fortune released its new list of the global's top 500 companies based on 2019 revenue on 10 August.
Pertamina last year was placed in the 175th position, making it as the only Indonesian company in the Global 500 list.
Editing by Reiner Simanjuntak