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VFP approves RM1.6bil funding

VFP approves RM1.6bil funding

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PETRONAS head of strategic programme and licensing of group procurement Natrah Mohd Tahir said the VFP was mooted to assist Malaysian oil and gas service equipment vendors adversely affected by the oil price crisis back in 2018 in securing working capital and improving their cash flow to sustain their businesses.

KUALA LUMPUR: The PETRONAS Vendor Financing Programme (VFP) continues to make positive impact on the industry with more than 260 applications and RM1.6bil worth of funding approved as of July.

PETRONAS head of strategic programme and licensing of group procurement Natrah Mohd Tahir said the VFP was mooted to assist Malaysian oil and gas service equipment vendors adversely affected by the oil price crisis back in 2018 in securing working capital and improving their cash flow to sustain their businesses.

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“Compounded by the impact of the prolonged pandemic, it is timely that we intensify our efforts to support our vendors who all play an important role in the oil and gas ecosystem,” she said in a statement. — Bernama


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