PETRONAS has maintained its position as the most valuable ASEAN brand in the Brand Finance Global 500 report this year, and remained in the ninth spot amongst the brand valuation consultancy’s listing of global Oil and Gas (O&G) brands.
PETRONAS’ Brand Strength Index (BSI) – judged on a brand’s performance on intangible measures relative to its competitors – improved, climbing to 87 from 86.3 in 2020.
Brand Finance attributes PETRONAS’ ranking to its consistent brand performance, contributing to a Brand Value of US$12.04 billion, despite a drop from US$15.2 billion in 2020. Brand Finance considers three key components in calculating a brand’s value, which are the brand’s strength, business and economic outlook. All 20 O&G brands on the Brand Finance Global 500 ranking have seen a drop in their Brand Value, mostly due to business and external factors, a phenomenon expected to be corrected once market conditions improve post-COVID-19.
The unprecedented times have also highlighted the importance of focusing on the intangible value and brand strength by companies. Companies managing their brands well have successfully mitigated some of the decline for their brand value despite the COVID-19 pandemic crisis and uncertainty with their forecasts.
PETRONAS President and Group Chief Executive Officer Tengku Muhammad Taufik said: “This achievement is a recognition of the tremendous contributions made by all PETRONAS employees. They have spared no effort in working together to continuously strengthen the brand even during these challenging market conditions, by focusing on delivering progressive and sustainable energy solutions that benefit our customers around the world. The technological advancements achieved to date bear testimony to the Group’s agility and represent a key differentiator to our business as we move further into the energy space beyond oil and gas. PETRONAS will endeavour to explore new growth avenues as it navigates the challenges of the global energy transition, towards unlocking more opportunities in creating further value for all our stakeholders.”
Tengku Taufik, who was appointed to his current position in July 2020, was ranked number 38 in the list of 100 best global Brand Guardians for 2021 and recognised as amongst the world’s top three Oil & Gas CEOs as well as the highest-ranked ASEAN CEO. Other notable business leaders in the Brand Guardians 2021 list include Netflix’s Reed Hastings, Tesla’s Elon Musk and Apple’s Tim Cook.
Based on the world’s top companies by brand value, the Brand Guardianship Index rates CEOs to capture how well they measure up as brand managers and ambassadors. Similar to its Brand Strength Index, Brand Finance’s new metric score of 0-100 considers multiple inputs reflecting CEOs’ success in Investment, Guardian Equity and Performance.
The 2021 iteration of the Brand Finance Global 500 report on the world's most valuable brands across all sectors and countries was announced today via a webinar.