KUALA LUMPUR (March 11): AmBank Group has granted a RM300 million in financing facilities to Uzma Engineering Sdn Bhd (UESB), a wholly owned subsidiary of Uzma Bhd to support key contracts awarded by Petronas Carigali Sdn Bhd (PCSB), the oil and gas (O&G) exploration and production subsidiary of Petroliam Nasional Bhd (Petronas).

The key contracts include the provision of hydraulic workover and plug & abandonment operations (Package A: 340K HWU Rig & Package B: 460K HWU Rig), awarded in May 2023; and contract extension for the provision of leasing, operation, and maintenance of water injection facility for PCSB, secured in October 2022.

“Uzma stands at the forefront as a key beneficiary of Petronas Activity Outlook 2024-26 report. With anticipated increased upstream activities by Petronas, the outlook remains positive for upstream service providers like Uzma,” said the company in a statement on Monday.

“We are very pleased to be supporting Uzma Group, a key service provider to PCSB and Petronas in their climate change transition towards generating sustainable energy which strategically aligns with the National Energy Transition Roadmap,” said Jamie Ling, group chief executive officer of AmBank Group.

AmBank Group managing director (Business banking) Christopher Yap said, “In alignment with AmBank’s dedication to promoting sustainable practices, this financing arrangement with UESB is a testament to our proactive approach in supporting our clients through responsible banking practices. By backing UESB’s endeavours to enhance operational efficiencies and reduce environmental impact within the oil and gas sector, we are not just investing in the future of business, but also in the future of our planet."

"This initiative underscores our belief in the power of partnership and innovation to drive meaningful progress towards sustainability goals. We are excited to play a pivotal role in facilitating these critical advancements, demonstrating our ongoing commitment to contributing positively to our community and the environment.”

Uzma group CEO Datuk Kamarul Redzuan Muhamed expressed gratitude to AmBank Group for their continued support to the O&G sector.

“This financing agreement underscores AmBank’s confidence in Uzma’s capabilities and our strategic position in the industry,” he said.