A logo of a Petronas petrol station is seen against a darkening sky in Kuala Lumpur, February 10, 2016. – Reuters pic

Wednesday, August 17, 2022 6:33 PM MYT

KUALA LUMPUR, August 17 – Petronas Supplier Funding Program (VFP) continues to have a positive impact on the industry with over 260 applications and funding of RM1.6 billion approved in July 2022.

Natrah Mohd Tahir, Head of Strategic Program and Supply Licensing, Petronas Group, said the VFP was offered to help Malaysian oil and gas service equipment (OGSE) suppliers affected by the oil price crisis. in 2018 to secure their working capital and improve their cash flow to sustain their businesses.

“Now compounded by the impact of the protracted pandemic, it is timely that we step up our efforts to support our suppliers who all play an important role in the oil and gas ecosystem,” she said in a statement.

About 200 participants attended the VFP Conversation Day, organized by the national oil and gas company in Putrajaya on Tuesday, in collaboration with the Malaysian Oil, Gas & Energy Services Council and the Malaysia OSV Owners’ Association.

The VFP Conversation Day aimed to connect providers in the OGSE ecosystem with VFP’s partner financial institutions to explore viable financial solutions.

The VFP is launched to facilitate access to finance for local OGSE providers registered with nine of the programme’s strategic partners – Bank Islam, Bank Muamalat, Bank Rakyat, CIMB, Export-Import Bank Malaysia (EXIM), HSBC Bank Malaysia, Malayan Banking (Maybank), RHB Bank and UOB Malaysia. — Bernama