KUALA LUMPUR (Sept 2): Petronas’ Vendor Financing Programme (VFP) has facilitated over RM2 billion in funding to suppliers in the oil and gas services and equipment (OGSE) sector since its inception.

The programme, which was introduced in 2018, has facilitated RM2.2 billion in financing to suppliers up to 2024, said Datuk Adif Zulkifli, Petronas executive vice-president and CEO, gas and maritime business, in his keynote address at Oil & Gas Asia (OGA) 2025 on Tuesday.

In 2024 alone, RM300 million was channelled to vendors, he noted. The VFP, designed to enhance vendors' financial resilience amid the evolving energy landscape, offers structured financing facilities from the programme’s panel banks. 

The VFP forms part of Petronas’ efforts to increase its partnership with vendors and strengthen the OGSE ecosystem.

Adif noted that other initiatives include the Special OGSE Financing Programme for smaller vendors, which has provided RM73.4 million to 47 applicants since 2022, with RM31.9 million disbursed to 20 applicants in 2024.

Meanwhile, Adif said the group’s Vendor Development Programme (VDP) and VDPx have nurtured more than 170 small and medium enterprises, 20 of which have expanded internationally.

“Our Supplier Support Programme, launched last year, has already enrolled over 400 vendors to build sustainability capabilities,” he added.

As for upskilling, Adif said Petronas, together with the Malaysia Petroleum Resources Corporation and the Malaysia Oil, Gas and Energy Services Council, are leading the Industry Talent Framework, which aims to map talent demand and supply in the OGSE industry.

Meanwhile, the group is working with the Human Resources Development Corp and Construction Industry Development Board via Program Latihan Madani to upskill and equip local graduates with skills needed to succeed in the oil and gas sector, Adif added.

“These efforts are guided by a single objective — to ensure that our whole supply chain remains strong, competitive, and ready to thrive in the face of growing energy demand and a lower carbon future,” he said.