KUALA LUMPUR (Sept 4): The Petronas Vendor Financing Programme (VFP), which was introduced in 2018, has facilitated RM1.9 billion in funding for over 300 oil & gas services and equipment (OGSE) vendors to date.

The programme is designed to enhance vendors' financial resilience amid the evolving energy landscape.

During the OGSE Partners Day on Wednesday, Petroliam Nasional Bhd (Petronas) formalised a Memorandum of Understanding (MOU) to renew the VFP with nine panel financial institutions.

Petronas senior vice president of Malaysia Petroleum Management Datuk Bacho Pilong emphasised the need for agility and resilience among OGSE players to navigate industry changes and support national development.

With energy demand projected to peak by 2030, Bacho highlighted the importance of adaptability and turning challenges into opportunities for long-term sustainability.

"Petronas will continue to support the industry by providing responsible and sustainable energy solutions," he added.

In addition to the VFP, Petronas also supports smaller vendors through the Special OGSE (SOS) Financing Programme in collaboration with Malaysian Industrial Development Finance (MIDF), which has approved RM49 million for over 30 applicants since 2022.

Moreover, under the Road to Bursa programme, established in 2020 with Bursa Malaysia, Petronas has mentored over 30 local companies, with three successfully listed on the Bursa Malaysia market.