News

Petronas to collaborate with Bank Muamalat on VFP



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.

-- BERNAMA


 





    Other News

KPower proposes 1-to-4 share split and free warrants

KUALA LUMPUR, Nov 13 -- Kumpulan Powernet Bhd (KPower) has proposed a one-to-four share split together with an issue of up to 150.8 million free warrants on the basis of one warrant for every three ordinary shares held following the share split exercise.


SESB to undergo revamp to improve electricity supply in Sabah - Bung Moktar

KOTA KINABALU, Nov 13  -- Sabah Electricity Sdn Bhd (SESB), which manages electricity supply in Sabah, will undergo a major restructuring to ensure it is competitive and able to provide the best services to the people.


Serba Dinamik, UNIMY to collaborate on TVET programmes

KUALA LUMPUR, Nov 9  -- Serba Dinamik Group Bhd and University Malaysia of Computer Science and Engineering (UNIMY) will work together to conduct technical training, share technology and expertise, and run certification programmes recognised by technical and vocational education and training (TVET) institutions in Terengganu.


    Main Sponsor


    Quotes



© 2020 BERNAMA. All Rights Reserved. Disclaimer | Privacy Policy | Security Policy This material may not be published, broadcast,
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, helpdesk@bernama.com ]
Product/Service Enquiries [ +603-2050 4466, portal@bernama.com ]