KUALA LUMPUR, Nov 6 -- Petroliam Nasional Bhd (Petronas) is to collaborate with Bank Muamalat Malaysia Bhd (Bank Muamalat) to offer financing to Petronas’ Oil and Gas Service Equipment (OGSE) and Small and Medium Enterprises (SME) vendors under the Vendor Financing Programme (VFP).
Petronas Senior Vice President of Project Delivery and Technology Samsudin Miskon said the company sought innovative solutions for the mutual benefit of all parties, to drive the overall growth of the Malaysian oil and gas sector.
“We are encouraged by the contributions of financial institutions in this collective and holistic endeavour to support local OGSE vendors.
“We are even more encouraged by the achievements of our vendors, who have not only managed to stay afloat through the difficult times, but more importantly to stay resilient and propel their business growth,” he said in a statement, today.
He also urged Petronas' main contractors to play a larger role in helping their sub-contractors secure financing facilities under the programme.
At a ceremony here today, Vice President of Group Procurement, Project Delivery and Technology Petronas, Liza Mustapha and Head of Business Banking Division Bank Muamalat, Nor Hamidah Abu Bakar exchanged the Memorandum of Understanding (MoU).
Witnessing the MoU exchange was Samsudin and Bank Muamalat Chief Executive Officer, Khairul Kamaruddin.
Petronas’ OGSE Vendor Financing Programme was established in May 2018 to assist Malaysian OGSE vendors impacted by the oil price crisis in securing working capital and improving their cash flow to stay afloat.
As of Oct 31, 111 applications at a total amount of RM730.1 million had been approved.
Following the exchange of the MoU, vendors of Petronas will now have the accessibility to opt for financing of up to RM5 million per application from Bank Muamalat.
The financing products offered in this programme are the Revolving Facilities (M-Cash), Letter of Credit and Bank Guarantees.
KUALA LUMPUR, March 28 -- Bank Pembangunan Malaysia Bhd (BPMB) will provide all relevant support to its customers facing difficulties including granting a moratorium on repayments/payments of loans/financings for a period of six months.
KUALA LUMPUR, March 27 – Tenaga Nasional Berhad (TNB) has pledged RM150 million to support the government’s announcement of a tiered electricity rebate to assist affected Malaysians following the extension of the Movement Control Order (MCO) period until April 14.
KUALA LUMPUR, March 26 -- Energy and Natural Resources Minister Datuk Dr Shamsul Anuar Nasarah has expressed confidence on the preparedness of Tenaga Nasional Bhd (TNB) in revving up its capacity to meet electricity supply demand in the Peninsula during the Movement Control Order (MCO).
© 2020 BERNAMA. All Rights Reserved.
rewritten or redistributed in any form except with the prior written permission of BERNAMA.
Best viewed in Firefox 58.0.1 (64-bit) & Chrome Version 63.0.3239.132 (Official Build) (64-bit) with 1920 x 1080 resolution
Contact us :
General [ +603-2693 9933, firstname.lastname@example.org ]
Product/Service Enquiries [ +603-2050 4466, email@example.com ]