Petronas has maintained its position as the most valuable ASEAN brand in the Brand Finance Global 500 report this year. The group 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) improved, climbing to 87 from 86.3 in 2020. BSI’s judgement is based on a brand’s performance on intangible measures relative to its competitors.
Brand Finance attributes PETRONAS’ ranking to its consistent brand performance, contributing to a Brand Value of US$12.04 billion. This amount is despite a drop from US$15.2 billion in 2020. Brand Finance considers three critical components in calculating a brand’s value: 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.
Petronas President and CEO comments
President and Group Chief Executive Officer Tengku Muhammad Taufik had a few words to say in a press release today. He said: “This achievement is a recognition of the tremendous contributions made by all our employees. They have spared no effort in working together to strengthen the brand continuously, even during these challenging market conditions. They have continued by focusing on delivering progressive and sustainable energy solutions that benefit our customers worldwide. The technological advancements achieved to date bear testimony to the Group’s agility. It also represents a key differentiator to our business as we move further beyond oil and gas. PETRONAS will endeavour to explore new growth avenues even, as it navigates the global energy transition challenges. We will continue unlocking more opportunities in creating additional value for all our stakeholders. Our group will continue to bring pride to Malaysia.”
Apple gets top position by beating Amazon
Other notable business leaders in the Brand Guardians 2021 list include firstly, Netflix’s Reed Hastings. Secondly, Tesla’s Elon Musk. Apple’s Tim Cook stole the top position from Amazon’s Jeff Bezos this year. Amazon has been the leading brand for five years since winning Apple’s spot in 2015. Tesla and Netflix have risen tremendously this year.
Tengku Taufik took up his current position as CEO of Petronas in July 2020. His rank is number 38 in the list of 100 best global Brand Guardians for 2021. He is also recognised as amongst the world’s top three Oil & Gas CEOs. Tengku Taufik is also the highest-ranked CEO in Southeast Asia and among ASEAN CEOs.
Brand Finance announced the results via webinar today, the 1st of February. The 2021 iteration of the Brand Finance Global 500 report on the world’s most valuable brands across all sectors and countries is available via the link here.