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KUCHING, June 24: Petronas has maintained its position as the world’s strongest oil and gas (O&G) brand for the third consecutive year, according to Brand Finance’s 2022 annual report on the most valuable and strongest O&G brands.
The company also remains among the top 10 most valuable O&G brands globally in 2022.
Petronas’ rank has been attributed to the result of its Brand Strength Index (BSI) which increased from 87 last year to 87.7 in 2022.
BSI is judged on a brand’s performance, focusing on intangible measures relative to its competitors.
According to Brand Finance, Petronas is well placed to further strengthen its brand as the company aims to provide a diversified range of energy options in line with its aspiration to achieve net zero carbon emissions by 2050.
Petronas president and Group chief executive officer Datuk Tengku Muhammad Taufik emphasised that Petronas’ priority is to ensure security of energy supply for Malaysia and their customers around the world even though delivering on this commitment becomes more daunting as heightened geopolitical conditions continue to threaten an already fragile post-pandemic recovery.
“We are grateful that this achievement by Petronas continues to demonstrate the resilience and tenacity of our workforce in contending with two years of extreme disruptions to the energy ecosystem. Even as we navigate a riskier and more volatile environment with relatively steadier footing.
“Looking ahead, Petronas believes that with the strength and reliability of its core portfolio combined with a new suite of offerings in cleaner energy solutions, it will evolve into an ‘energy superstore’ that powers businesses and fuels progress in a just and sustainable manner both at home and in the countries where we operate,” he said in a statement today.
In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance.
Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in more than 35 countries and across nearly 30 sectors.
In the 2022 Brand Finance Global 500 report on the world’s most valuable brands released early this year, Petronas’ consistent brand performance had contributed to a Brand Value of US$13.6 billion in 2022, a 13 per cent increase from 2021.— DayakDaily