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KUALA LUMPUR: The Petronas Vendor Financing Programme (VFP) continues to make positive impact on the industry with more than 260 applications and RM1.6 billion worth of funding approved as of July 2022.

Petronas head of strategic programme and licensing of group procurement Natrah Mohd Tahir said the VFP was mooted to assist Malaysian oil and gas service equipment (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 timely that we intensify our efforts to support our vendors who all play an important role in the oil and gas ecosystem,” she said in a statement.

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

The VFP Conversation Day was aimed at connecting vendors in the OGSE ecosystem with VFP’s partnering financial institutions to explore viable financial solutions.

The VFP is initiated to facilitate access to financing for registered local OGSE vendors from 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