Recommend Us | About Us | Back to Bernama.com

News | Financial Calculator | Home Financing | Archived News |

 

  Welcome to Bernama Banking & Finance Special Page     
 
Petronas to collaborate with Bank Muamalat on VFP
Last update: 06/11/2019

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


 


 <Back>

Petronas to collaborate with Bank Muamalat on VFP
Bank Muamalat named Khairul Kamarudin as new CEO

 
Bank Muamalat aims to have 15,000 merchants using QR scanning next year

FWD Takaful injects RM5 million for para athletes in preparation for 2020 Paralympics
Malaysia’s Lonpac Insurance Bhd has excellent credit ratings - AM Best

 
Japan non-life insurance segment has stable outlook - AM Best

CLOSING, THURSDAY, NOV 21
US4.1680/1710
S'pore3.0607/0633
100 Yen3.8404/8435
Sterling5.3946/3002
Euro4.6202/6252
Source: Bank Negara Malaysia

Reduction in the overnight policy rate (OPR) by Bank Negara Malaysia would be good for consumer spending and investment;
Yes
No
Not sure
 
  Main | News | Insurance

© 2019 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 8.0 & Internet Explorer 8.0 with 1024 x 768 resolution