PT Pertamina

What PT Pertamina does

PT Pertamina is Indonesia's state-owned integrated energy company, founded in 1957 and headquartered in Jakarta. It operates across the full energy value chain through a network of subsidiaries, including Pertamina Hulu Energi (PHE) for upstream exploration and production (managing 58 subsidiaries), PT Pertamina Gas Negara (PGN) for gas distribution, Pertamina Power Indonesia and Pertamina Geothermal Energy (PGE) for power generation, Pertamina NRE for renewables, and Patra Niaga for integrated downstream marketing. The company produces approximately 1.03 million BOEPD and operates refining capacity targeted at 360,000 bpd following the Balikpapan upgrade.

Pertamina's core products span crude oil and natural gas (upstream), refined petroleum products (gasoline, diesel, jet fuel, bunkers), LPG, natural gas distribution, geothermal and renewable power, and emerging low-carbon products including Sustainable Aviation Fuel (SAF), B50 biodiesel, bioethanol, and green hydrogen. The company is developing proprietary CEOR (chemical enhanced oil recovery) technology and a domestic surfactant for upstream applications. Notable technical components include integrated marine logistics (PIS), a nationwide retail station network, and a planned single downstream entity (Patra Niaga) consolidating refining, marketing, and logistics operations.

The business model is primarily transaction-based fuel sales across Indonesia's 17,000+ islands through thousands of retail fuel stations, complemented by government contracts and subsidized fuel distribution (Indonesia allocates approximately $17 billion annually in energy subsidies flowing through Pertamina and PLN). Revenue is generated through fuel retail and wholesale margins, refining throughput fees, LNG and gas distribution tariffs, geothermal power generation tariffs, and government service contracts. Customer segments span retail consumers, transportation (aviation, marine, road), industrial users, and government entities. The company is undergoing restructuring under Danantara sovereign wealth oversight, with a 2026 merger consolidating downstream subsidiaries.

Name

PT Pertamina

Legal name

PT Pertamina (Persero)

Website

https://pertamina.com

Company type

Private

Founded year

1957

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

PT Pertamina is Indonesia's state-owned integrated energy company, producing approximately 1.03 million BOEPD and operating across upstream, refining, gas distribution, geothermal, and renewables, serving retail consumers, industrial users, transportation, and government entities across 17,000+ islands.

Ownership category

akta.pro rank

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Upstream Oil & Gas Production: Exploration and production of crude oil and natural gas through subsidiaries including PHE, operating domestic and international oil and gas blocks.
2. Downstream Refining & Marketing: Refining crude oil into petroleum products and marketing through retail fuel stations, industrial customers, and aviation fuel supply.
3. Biofuels Production: Production of biodiesel (B50 program) and sustainable aviation fuel from palm oil and other feedstocks.
4. Geothermal & Renewable Energy: Power generation from geothermal resources and development of renewable energy projects through PGE subsidiary.
5. LNG & Gas Distribution: LNG production, gas distribution through PGN subsidiary, and industrial gas supply.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

PT Pertamina is Indonesia's state-owned integrated energy company operating across the entire energy value chain — from upstream oil and gas exploration and production through refining of crude oil, to marketing and distribution of petroleum products (Pertamax, Pertalite, Dexlite, Biosolar), LPG, industrial gas, LNG, and aviation fuel. It also generates geothermal and other renewable energy, and operates maritime logistics for fuel and crude shipping.

Product overview

PT Pertamina (Persero) is Indonesia's state-owned integrated energy company structured around four Subholding business units: Subholding Upstream (PT Pertamina Hulu Energi — PHE), Subholding Downstream (Pertamina Patra Niaga), Subholding Gas (PT Perusahaan Gas Negara), Subholding Power & New Renewable Energy (Pertamina NRE), and Subholding Integrated Marine Logistics (PT Pertamina International Shipping). PHE manages a portfolio of 58 subsidiaries operating across upstream oil and gas exploration, production, and services, with international assets in Algeria, Malaysia, Iraq, and other countries. The downstream operations cover refining, fuel marketing (Pertamax, Pertalite, Dexlite, Biosolar), petrochemicals, and LPG distribution. Recent product launches center on advanced recovery technologies — notably the first offshore Chemical Enhanced Oil Recovery (CEOR) deployment at the Southeast Sumatra Working Area and commercial CEOR Phase I at Minas Field using domestically manufactured surfactant formulations. Pertamina is also developing a Sustainable Aviation Fuel ecosystem in partnership with Boeing, implementing the national B50 biodiesel mandate, and pursuing renewable energy projects including geothermal, solar, and green hydrogen through its NRE subsidiary. PIS rounds out the portfolio with integrated maritime logistics across 63 vessels serving 65 international routes.

Differentiator

Problem solved

Functional benefit

Products and services

• Pertamax (RON 92 gasoline)

Quantifiable outcome

• Reduced gasoline imports to 19 million kilolitres annually from about 24 million following Balikpapan refinery upgrade
• +3 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered core, minor and major.

• INPEX CorporationcoreStrategic or Co-development Partner · 16 July 2026Abadi LNG Project in Masela Block - $21 billion development with INPEX as operator (65%), Pertamina (20%), and Petronas (15%). Will produce 9.5 million tonnes LNG annually plus pipeline gas for domestic market. Production targeted for 2029-2030 with CCS technology for net-zero emissions. PSC valid through 2055.
• BoeingcoreStrategic or Co-development Partner · 13 July 2026MoU to develop Indonesia's SAF ecosystem focusing on feedstock identification, technology advancement, policy development, and workforce capabilities. Leverages Pertamina's refining capabilities and Boeing's global aviation expertise to accelerate competitive SAF industry supporting decarbonization goals and net-zero emissions by 2060.
• BPminorChannel Partner/ Reseller/ Distributor · 30 June 2026BP and Pertamina announced concurrent fuel price reductions effective July 1, 2026. BP Ultimate Diesel dropped from Rp25,060 to Rp21,340/liter.
• EnimajorStrategic or Co-development Partner · 22 May 2026Long-term LNG supply agreements from South Hub and North Hub gas projects in Kutei Basin covering ~2 million tons/year through existing Pertamina-operated Bontang LNG facilities in East Kalimantan. Includes reactivation of idle liquefaction train.
• SLBmajorTechnology or Integration · 13 May 2026Exploratory strategic collaboration discussions at Offshore Technology Conference Houston to increase domestic oil and gas production, improve operational efficiency, reduce carbon emissions, and enhance digital technology adoption in Indonesia's upstream sector.
• Toyota Tsusho CorporationmajorStrategic or Co-development Partner · 20 April 2026Proposed $200-300 million bioethanol plant in Lampung province with 60,000 kilolitres annual capacity using sorghum feedstock from 6,000-hectare plantation. Construction targeted H2 2026, production 2028. Supports Indonesia's mandatory 10% bioethanol blend (E10) policy by 2028.
• SOCARminorStrategic or Co-development Partner · 13 March 2026Discussions between SOCAR Vice President and Indonesian Ambassador in Baku exploring potential cooperation in oil, gas, and fertilizers sectors. Diplomatic effort to expand bilateral energy ties.
• HalliburtoncoreTechnology or Integration · 22 February 2026Strategic MOU to deploy advanced well construction and stimulation technologies including multi-stage hydraulic fracturing and acid stimulation across Indonesian onshore fields. Partnership aims to revitalize mature fields, increase national energy production, and reduce reliance on imports using AI-driven automation and digital solutions.
• PT Pertamina Geothermal Energy (PGE)coreStrategic or Co-development Partner · 11 February 2026Tanjung Sekong Green Terminal ESG Initiative using geothermal-based green hydrogen from Ulubelu Geothermal Working Area in Lampung. Pilot project targeting ~25% of terminal's operational electricity needs through low-carbon power generation.
• Guma Africa Group LimitedminorStrategic or Co-development Partner · 1 January 2024Non-binding MoU for planned $1.7 billion combined cycle gas turbine power plant in South Africa with 1,600 MW capacity powered by LNG via floating storage regasification unit. Project comparable to PLTGU Jawa-1 in scale.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• PTT Public Company Limited: Thailand's state-owned integrated energy company with upstream E&P (PTTEP), downstream refining and marketing, gas (PTT Natural Gas Distribution), LNG, and renewable energy operations. Highly comparable to Pertamina in Asian NOC structure, integrated value chain, government mandate, and diversified energy transition strategy.
• Eni S.p.A. Italian integrated oil and gas major with upstream (notably Mozambique, Egypt, Indonesia-adjacent Kutei Basin), LNG, refining, biofuels, and renewable energy (Plenitude) operations. Pertamina has active LNG supply agreements with Eni via Bontang LNG facilities for ~2M tons/year, and Eni's energy transition strategy closely mirrors Pertamina's NRE pivot.
• INPEX Corporation: Japan's largest upstream oil and gas company, operator of the $21B Abadi LNG project in Masela Block (Pertamina holds 20% stake) with deep ties to Indonesia's upstream sector. Comparable in international upstream operations and LNG focus, with similar large-project capital deployment, though INPEX is operator-focused and Japan-headquartered rather than fully integrated across refining and retail like Pertamina.
• Petronas: Malaysia's state-owned integrated national oil company with parallel upstream, downstream, LNG (PETRONAS LNG), petrochemical, and renewable operations across Southeast Asia. The closest direct comparable to Pertamina in business model, scale, regional footprint, and government-mandated strategic role, including exploration assets in Indonesia (Pertamina acquired a 24.5% Bobara block stake from Petronas in 2025).

Regional players

• Oil India Limited: Indian state-owned upstream oil and gas company focused on domestic exploration, production, and E&P services, with some refining/pipeline assets. Comparable as an Asian state-owned oil company pursuing energy security, though primarily upstream-focused rather than fully integrated like Pertamina, and operating in India rather than Indonesia.

Broad incumbents

• PetroChina: China's largest integrated oil and gas producer and one of the world's biggest by revenue, with operations spanning upstream E&P, refining, chemicals, gas transmission, and emerging new energy. Comparable as an integrated state-linked energy major with diversification into renewables, though with vastly larger scale and broader international asset base than Pertamina.
• Sinopec: China Petroleum & Chemical Corporation, one of the world's largest integrated energy and chemical companies with upstream E&P, refining, gas, petrochemicals, and emerging renewable operations. Comparable as a state-affiliated integrated energy major pursuing diversification, though operating at much larger scale and with a more globally distributed asset base.
• ADNOC: Abu Dhabi National Oil Company, the UAE's integrated NOC with upstream, downstream refining, gas processing, petrochemicals (Borouge), and rapidly expanding renewable/clean energy operations. Comparable as a Middle East NOC pursuing energy diversification, though with much higher per-barrel reserve backing and a more international downstream footprint.
• Kuwait Petroleum Corporation (KPC): Kuwait's integrated national oil company with upstream, downstream (including international refining joint ventures like CFP), LNG, petrochemicals, and gas operations. Comparable as a Middle East NOC with similar integrated structure and government ownership, though with a more international downstream footprint via European and Asian refining JVs.
• Saudi Aramco: The world's largest integrated national oil company, controlling Saudi Arabia's hydrocarbon reserves and operating a fully integrated upstream-downstream-petrochemicals-chemicals value chain. Directly comparable in NOC business model and integrated operations but vastly larger in scale, reserves, and global downstream footprint; serves as the benchmark for state-owned integrated energy majors.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ptpertamina
• Facebookfacebook.com/ptpertaminapersero
• LinkedInlinkedin.com/company/pertamina

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries21 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PT Pertamina