PETRONAS, in collaboration with Malaysian Oil, Gas & Energy Services Council (MOGSC) and Malaysia OSV Owners’ Association (MOSVA) today hosted the PETRONAS Vendor Financing Programme (VFP) Conversation Day aimed at connecting vendors in the Oil and Gas Service Equipment (OGSE) ecosystem with VFP’s partnering financial institutions to explore viable financial solutions.
The VFP is initiated to facilitate access to financing for its registered local OGSE vendors from nine of the programme’s strategic partners — Bank Islam, Bank Muamalat, Bank Rakyat, CIMB, Export-Import Bank Malaysia Berhad (EXIM), HSBC Bank Malaysia Berhad, Malayan Banking Berhad (Maybank), RHB Bank, and UOB Malaysia.
PETRONAS Head of Strategic Programme & Licensing of Group Procurement, Natrah Mohd Tahir said, “VFP was mooted to assist Malaysian OGSE vendors adversely affected by the oil price crisis back in 2018 in securing working capital and improving their cash-flow to sustain their businesses. Now compounded by the impact of the prolonged pandemic, it is time that we intensify our efforts to support our vendors who all play an important role in the oil and gas ecosystem.”
Vendors will have access to financing facilities that cater to their specific needs to perform their contractual obligations. VFP is supported by Syarikat Jaminan Pembiayaan Perniagaan (SJPP), which provides guarantee schemes as an alternative to collateral requirements by the banks.
Natrah added, “The collaboration between PETRONAS, MOGSC and MOSVA is pivotal to ensure that VFP will benefit our OGSE vendors. The survivability of the OGSE ecosystem lies not only when vendors are able to sustain during trying times, but also to be able to grow in tandem with the industry and reach their full potential.”
She said the programme continues to make a positive impact on the industry with more than 260 applications and RM 1.6 billion worth of funding approved as of July 2022.
Approximately 200 participants attended the Vendor Financing Programme Conversation Day.
