Pertamina is a state-owned oil and gas concern operating in Indonesia. The company is currently listed as the second largest energy company in the country, sitting behind US-based Chevron Pacific Indonesia. Based on its $70.9 billion in revenues for 2014, the company made the Fortune Global 500 (#122), the only company in Indonesia to make the list.
Pertamina was given life in 1968 with the merger of Permina (1957) and Pertamin (1961). The latter was formed by the state for the purpose of administering a short-lived attempt by the state to control all of the country’s oil assets through the exclusion of foreign operations being allowed to handle the country’s oil assets. While Pertimina currently handles very little of the drilling operations on its own, they do handle a large majority of the oil production responsibilities for the state with the crude being sold to them by foreign drilling operations.
With a focus on oil and gas production, Pertamina currently produces more than 90% of the country’s oil and fuel products through its six refineries located throughout Indonesia. The fuel products are distributed through the company’s gas station chain while its oil-based products (lubricants and petrochemicals) are sold through local department and specialty stores.
Pertamina’s headquarters is located Jakarta, Indonesia. The company is headed up by Dwi Soetjipto, who has served as its President & CEO since his appointment to the position in 2014. The company had over 27,000 employees nationwide as of the end of 2014.
As reported at the end of its fiscal year in 2014, the company had total revenues of US$70.9 billion, which resulted in operating income of US$4.6 billion and net income of US$1.5 billion. The company also reported a balance sheet with net assets of US$50.3 billion and total equity of US$18.0 billion.