NATIONAL oil corporation Petronas has maintained its position as the most valuable ASEAN brand in the Brand Finance Global 500 report this year while retaining the ninth spot among 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 bil despite a drop from US$15.2 bil in 2020.
Brand Finance considers three key components in calculating a brand’s value, namely (i) the brand’s strength; (ii) business and (iii) 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.
“This achievement is a recognition of the tremendous contributions made by all PETRONAS employees,” acknowledged Petronas President and Group CEO Tengku Muhammad Taufik Tengku Aziz who succeeded Tan Sri Wan Zulkiflee Wan Ariffin last June.
“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.”
According to Tengku Taufik, the technological advancements achieved to date bear testimony to the group’s agility and represent a key differentiator to its business as Petronas moves 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,” he pointed out.
Tengku Taufik who was appointed to his current position in July 2020 was ranked No. 38 in the list of 100 best global Brand Guardians for 2021 and recognised as among the world’s top three O&G 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. – Jan 27, 2021
