Pertamina

Pertamina's roots lie in the nationalization of Royal Dutch/Shell assets in Indonesia in 1957, from which Permina was founded as a state-owned oil monopoly under Lieutenant-General Ibnu Sutowo. Permina distributed oil across the archipelago and established the Apprentice Technical School in Brandan and, in 1962, the Oil Academy in Bandung to train petroleum industry workers. A parallel entity, Pertamin, was responsible for the administration and control of exploration and production under a 1960 policy mandating that oil and gas extraction be carried out solely through state-administered companies.

In 1968 the two entities merged into PN Pertamina. Production rose considerably after the merger — roughly 15 percent annually in 1968 and 1969, and nearly 20 percent in 1973. By the end of 1973 Pertamina produced 28.2 percent of Indonesia's oil, with Caltex and Stanvac accounting for most of the remainder. Its assets expanded to include seven refineries, oil terminals, 116 tankers, 102 other vessels, and an airline, as well as interests in cement, fertiliser, liquefied natural gas, steel, hospitals, real estate, and telecommunications.

The 1974 oil price increases generated revenues of approximately USD 4.2 billion, equivalent to roughly one-sixth of Indonesia's GDP at the time. Much of this was channelled by Sutowo into expansion far beyond oil — oil tankers, steel, construction, and real estate — while critics and historians have documented endemic corruption within the enterprise. In February 1975 Pertamina could no longer service its American and Canadian creditors. An investigation revealed more than USD 10 billion in debt (with some figures placing it closer to USD 15 billion), representing approximately 30 percent of Indonesia's GNP. The government took over company operations and repaid the debts through a large bail-out that nearly doubled Indonesia's foreign debt. Charges against Sutowo were ultimately dismissed.

In 2003, pursuant to the 2001 Oil and Natural Gas Act, Pertamina was legally restructured as PT PERTAMINA (Persero) under Government Regulation No. 31/2003, becoming a profit-oriented limited company under the coordination of the State Minister of State-owned Enterprises. Like other contractors, it holds a Cooperation Contract with the Oil and Gas Regulatory Body. Pertamina operates six oil refineries with a combined capacity of around one million barrels per day, the most recent of which — the Balongan refinery in West Java — opened in the mid-1990s. The company has 27 subsidiaries spanning upstream exploration, gas transportation, geothermal energy, refining, shipping, lubricants, retail fuel, and hospital management.

In June 2024, former president director Karen Agustiawan (2009–2014) was sentenced by the Jakarta Corruption Court to nine years in prison for graft connected to a liquefied natural gas procurement contract with Cheniere Energy, with estimated state losses of Rp 1.7 trillion (approximately USD 113.84 million). The conviction was upheld by the Jakarta High Court in August 2024.

In February 2025 the Attorney General's Office identified seven individuals as suspects in a corruption case involving alleged misconduct between 2018 and 2023, with reported state losses of Rp 193.7 trillion (approximately USD 11.9–12 billion). Suspects included the CEOs of Pertamina Patra Niaga and Pertamina International Shipping and a director of Kilang Pertamina Internasional. Allegations included bypassing a requirement to prioritize domestic crude oil purchases in favour of costlier imports, inflating crude oil transportation costs by 13–15 percent, and adulterating subsidized Pertalite RON 90 gasoline with higher-grade Pertamax RON 92 fuel.

Pertamina has been an active motorsport sponsor since the mid-2000s. From 2005 to 2007 it served as the main sponsor for Doni Tata Pradita's wildcard entries in the MotoGP 125cc and 250cc classes at the Malaysian Motorcycle Grand Prix under the Yamaha Team. The partnership was extended to a full 2008 season, during which Pradita scored a single championship point in China.

From 2021, Pertamina collaborated with the Mandalika Racing Team and SAG Team in both the Moto2 World Championship and the CEV Moto2 Championship. Pertamina is also the main sponsor of the Mandalika International Street Circuit, the Indonesian Motorcycle Grand Prix, and the VR46 Racing Team.

In Formula One, Pertamina backed Rio Haryanto — Indonesia's first Formula One driver — throughout his junior career and played a role in securing his 2016 seat with the Manor Racing team. Pertamina withdrew its sponsorship midway through that season when Haryanto was demoted to reserve driver status. Since 2016 Pertamina has also supported Indonesian driver Sean Gelael, with its branding featured on his cars across multiple championships.

Since 2015, Pertamina has been an official recommended fuel and lubricants partner for Lamborghini, a relationship that extends to title sponsorship of the Lamborghini Super Trofeo series.