KUALA LUMPUR: The Petronas Vendor Financing Program (VFP) continues to make positive impact on the with more than 260 applications and RM1. 6 billion worth associated with funding approved since July 2022.
Petronas head of strategic programme and licensing of group procurement Natrah Mohd Tahir said the VFP was mooted to assist Malaysian coal and oil service equipment (OGSE) vendors adversely affected by the oil cost crisis back in 2018 in securing functioning capital and enhancing their cash flow in order to sustain their companies.
“Now exponentially boosted by the impact from the prolonged pandemic, it is timely that we intensify our efforts to support our vendors who seem to all play an important role in the coal and oil ecosystem, ” the girl said in a declaration.
Approximately 200 participants attended the particular VFP Conversation Time, hosted by the nationwide oil and gas company within Putrajaya on Wednesday, in collaboration with all the Malaysian Oil, Gas & Energy Providers Council and Malaysia OSV Owners’ Association.
The VFP Conversation Day had been aimed at connecting suppliers in the OGSE environment with VFP’s joining up financial institutions to explore viable financial solutions.
The VFP is initiated to help access to financing meant for registered local OGSE vendors from 9 of the programme’s strategic partners — Financial institution Islam, Bank Muamalat, Bank Rakyat, CIMB, Export-Import Bank Malaysia (EXIM), HSBC Bank Malaysia, Malayan Banking (Maybank), RHB Financial institution, and UOB Malaysia. – Bernama